The Real Deal New York

BlackRock bets on brokerages with upped investment in RE/MAX

Firm’s shares in the company are valued at about $114M
February 04, 2019 11:30AM

BlackRock CEO Laurence Fink (Credit: Getty Images)

Global investment firm BlackRock upped its stake in RE/MAX by 5.2 percent in the third quarter, putting its total ownership stake in the brokerage at 15.2 percent.

BlackRock currently owns 2,559,945 RE/MAX stock shares valued at about $114 million, Inman reported, citing filings with the Securities and Exchange Commission. The filings indicate that they are still not involved in day-to-day operations.

RE/MAX went public with an IPO in 2013 and performed well last year. The firm more than doubled its revenue during 2018’s third quarter.

Institutional investors have been focusing more on real estate companies lately. Vanguard, for instance, took over about 11 percent of Redfin in January. [Inman] – Eddie Small