Ringier Axel Springer’s MZN Property, which owns a variety of Polish real estate verticals, will delist from Warsaw Stock Exchange (WSE), following a vote on the move at the company’s general meeting.

Ringier Axel Springer completed its acquisition of MZN Property in April after purchasing a 79% stake in the company for PLN 66.1 million ($15.8 million U.S.). The rest of MZN Property is owned by its CEO, Jarosław Święcicki (9.23%), former member of MZN Property supervisory board Dariusz Piszczatowski and his company Sui Generis Investments (5.17%), Wondelay Investments Limited (3.71%) and Alterium Holding (2.31%).

MZN Property owns the No. 3 real estate vertical in Poland, Morizon.pl, as well as real estate sites Domy.pl, Oferty.net, nPortal.pl, Komercyjne.pl and Noweinwestycje.pl.

The company has been listed on the main board of the Warsaw Stock Exchange (code: MZN) since 2017, after moving from NewConnect. Since the move, the company has been trying to create a one-stop shop for the country’s real estate market.

Each segment is served by MZN Property’s subsidiaries, which include real estate verticals, Virtal, which provides internet marketing services — primarily to Morizon.pl and Nportal.pl — and financial services site FinPack, as well as mortgage distribution platform Lendi.

MZN Property earned revenue of PLN 33.2 million ($8.4 million U.S.) last year — up from PLN 26.5 million in 2018. That includes PLN 17.7 million from its real estate segment and PLN 15.5 million from financial services.

MZN Property’s verticals face fierce competition, mainly from Naspers’ market-leading site Otodom.pl and the No. 2 vertical, NNV-owned Nieruchomosci-Online.pl. Other important sites include Naspers’ horizontal OLX.pl and Agora’s vertical Domiporta.pl.

Ringier Axel Springer was established in 2010 as a joint venture between Ringier and Axel Springer to combine their international operations in Central and Eastern Europe. Today, Ringier Axel Springer manages more than 200 digital and print products in Poland, Hungary, Slovakia, Serbia, Estonia, Lithuania and Latvia. The company’s other classifieds in Poland include recruitment sites NoFluffJobs.pl and StepStone.pl.

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