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. Last Updated: 07/27/2016

Property Giants in Web Deal

Three leading property service agencies are teaming up in a pounds 30 million ($45 million) Internet project that they hope will one day make finding a piece of Moscow real estate simpler and less expensive.

DTZ, Jones Lang LaSalle and CB Richard Ellis said they are planning to launch by the end of this year an Internet portal called Project Pathway, which will offer property listings and research of office, retail and industrial space across Europe.

"This is a revolutionary development for the industry, enabling all of us to provide superior service for clients by combining resources to launch an innovative e-commerce initiative," said Peter Mantle, Jones Lang La Salle's business development director for Europe, in a statement.

"By embracing leading-edge technology, we will take the European market to a new level of efficiency, speed and transparency in the listings and transactions process, meeting the needs of those clients who increasingly wish to conduct their business online."

Markets in Britain, Belgium, France, Germany, Ireland, the Netherlands and Spain will be given top priority in the project, the agencies said. Remaining markets such as Russia will be brought online within the next two to three years.

"We don't have an exact date for Russia to be included yet, and I expect it to depend partly on how the project proceeds in the initially selected cities," said Amanda Spring, managing director at DTZ Zadelhoff Tie Leung in Moscow.

Each of the three property service firms in Project Pathway has an established presence in Moscow. Jones Lang LaSalle and DTZ each have offices, and real estate broker Noble Gibbons represents CB Richard Ellis.