Property Finder, the real estate platform operating in the Middle East and North Africa, announced a total investment of $525 million in the company, led by investment funds managed by Permira, along with a significant capital contribution from funds managed by Blackstone Growth.
In a statement, Property Finder said that under this deal, General Atlantic, which has been a major shareholder in the company since 2018, sold part of its stake while retaining a significant minority interest.
The company added that Permira, Blackstone, and General Atlantic all have successful investments in digital real estate advertising companies, noting that their participation reflects their confidence in Property Finder’s potential and its ability to grow in the real estate advertising market in the UAE and the wider MENA region, opening new horizons for the expansion of the company’s business.
It also pointed out that completing this deal is subject to the usual regulatory approvals. J.P. Morgan acted as the sole placement agent for Property Finder and General Atlantic in this deal, while Moelis & Company served as the independent financial advisor to Property Finder. Axis Arbor Partners acted as the debt advisor, and Cooley served as legal counsel to Michael Lahyani. Citi Global Markets Limited acted as sole advisor, and Clifford Chance as legal counsel to Permira. Weil, Gotshal & Manges acted as legal counsel to General Atlantic, while Dechert served as legal counsel to Blackstone.
Permira, Blackstone, and General Atlantic are all investment firms active in digital advertising platforms, including strategic investments in Adevinta ASA, one of the largest digital advertising platforms in the world.
