March 26, 2018 / 10:17 AM / in 8 months

Germany's Axel Springer buys 11.5 pct stake in UK's Purplebricks

March 26 (Reuters) - Purplebricks Group Plc said on Monday German publisher Axel Springer bought a 11.5 percent stake in the British online estate agent for about 125 million pounds ($177.65 million).

The company said Axel Springer’s investment, which included a 100 million pounds subscription for new shares, would be used for further expansion in the United States, support entry into new markets and widen Purplebricks’ service offering.

However, Purplebricks warned its group revenues for the year ending April 31 would be around 5 percent lower than its consensus of 98 million pounds due to weak market conditions in the UK, which has been worsened by poor weather.

Both Australia and the U.S. are on track to at least meet its full-year revenue expectations, the company said.

$1 = 0.7036 pounds Reporting by Radhika Rukmangadhan in Bengaluru; Editing by Arun Koyyur

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