Property exchange in relaunch

PROPEX, the web-based commercial property trading exchange, is planning a £500,000 relaunch this month, The Times has learnt. It will enable users to access real-time pricing for the fledgeling property derivatives market and information on mainland European property markets for the first time.

Propex is owned by more than 30 blue-chip investors, including British Land and the Prudential, and is the only screen-based electronic platform and data exchange for the commercial property market. It is used by property brokers to make 12,000 introductions a month. The site aims to revolutionise the deal-making culture in the commercial property market, as fewer deals are agreed in smoky wine bars in London's Hanover Square.

Instead, commercial property agents increasingly are trying to present a more sophisticated image to their clients, who are demanding higher professional standards and real-time property infomration that is accessible electronically.

The Investment Property Databank, Britain's leading provider of benchmarking and performance statistics for the commercial property market, is in talks with Propex to aquire a stake of up to 25 per cent in the business. It is understood that some of the original investors in the Propex site are planning to sell. The exchange will also issue some new shares.

Propex provides data on any property that is marketed on the site, including a report on the credit ratings of each of the buildings tenants, other recent property transactions in the local area and economic data on the location of the building.

Propex, which was launched in 2002, had a turnover of £2 million last year and has been profitable for the past two years.