Munich-based Scout24 wants to develop “from a classifieds portal to a fully networked digital marketplace,” CEO Tobias Hartmann said on Thursday during the company’s virtual annual general meeting.

Scout24 is the operator of property listings marketplace ImmoScout24. The site attracts around 14 million users a month, making it the market leader in Germany. The company has also developed a real estate presence in Austria, where it operates several websites.

“The ever-increasing interconnectedness opens up additional sources of revenue and associated growth opportunities for us,” said Hartmann. “Our focus is on the further digitization of real estate transactions.”

This year, the group sold its car unit, AutoScout24, for €2.84 billion ($3.1 billion U.S.) to private equity investor Hellman & Friedman. The deal left the company with considerable cash proceeds.

In spite of the Covid-19 pandemic, CFO Dirk Schmelzer said Scout24 had maintained a “very healthy balance sheet structure.”

“We want our shareholders to participate in this,” said Schmelzer. “In addition to the current share buyback program, we will distribute a further €1.2 billion to our shareholders in the coming year.”

The meeting also saw the election of Elke Frank, as the newest member of Scout24’s supervisory board.

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