Axa Switzerland Acquires 20% of Real Estate Platform Newhome
Axa Switzerland Acquires 20% of Real Estate Platform Newhome
Mon, Jan 22nd 2024
Axa Switzerland Innovates in Real Estate with Newhome Stake Acquisition
Axa Switzerland has taken a significant step in the real estate market by acquiring a 20% stake in the real estate platform Newhome. This move was facilitated through a capital increase involving the issue of new shares, positioning Axa Switzerland as a critical player in the future trajectory of Newhome.
Prior to this transaction, the platform was owned by 19 cantonal banks and Next Property, an industry initiative with about 500 real estate sector members. Post-acquisition, the cantonal banks will retain a 50% stake, while the real estate industry holds 30%. Axa Switzerland’s participation in Newhome is still pending approval by Finma, the Swiss Financial Market Supervisory Authority.
Axa Switzerland views this investment as an opportunity to strengthen its presence in the residential sector, acknowledging the intersection of real estate transactions and insurance issues. This strategic move is considered pivotal in Axa Switzerland’s growth strategy, as articulated by Johannes Hoehener, Chairman of the Board of Directors of Newhome. The platform aims to establish itself as the premier regional real estate portal.
This development introduces a significant challenge to the dominance of Homegate and Immoscout24, which are owned by the Swiss Marketplace Group. Newhome, with Axa backing, is set to bolster its market presence. Axa, being a substantial property owner, may prioritize Newhome for listing its properties, potentially enhancing the platform’s market reach. Currently, Newhome’s advertisement volume is roughly half that of Homegate and Immoscout24, but it leads in regions like central or eastern Switzerland due to the backing of cantonal banks.
Axa Switzerland’s strategic initiative also aligns with its aim to better connect with customers, especially during critical moments like changes in living situations. Dominique Kasper, head of Axa’s non-life insurance, highlights the importance of reaching out to customers during such transitions for insurance policy adjustments.
This move by Axa Switzerland is also welcomed by brokers involved with Newhome, as it offers an alternative platform where they retain data sovereignty, a concern with platforms like Homegate or Immoscout24. The entry of Axa into Newhome is expected to intensify competition in the real estate advertisement market, potentially leading to more innovation and lower prices.
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