Today's Edition
A. SREENIVASA REDDY (ABU DHABI)
A consortium of global funds advised by Permira and Blackstone have announced a combined investment of $525 million in Property Finder, a market leader in the region’s property classifieds market.
The combined investment represents a significant minority stake in the company, a Property Finder statement said. “As part of the transaction, General Atlantic, which has been a cornerstone shareholder of Property Finder since 2018, has sold part of its stake while retaining a significant minority shareholding,” the statement added.
Property Finder is valued at $2 billion based on the latest deal, a Financial Times report said. Permira is the lead investor on the deal and has invested $350 million, the FT report added.
Property Finder, founded in 2007, operates the Middle East and North Africa’s largest and most preferred property portal.
The UAE, its biggest market, was valued at around $160 billion in 2024 and is projected to expand by about 13% over the next five years. The platform has consistently introduced technology and AI-driven solutions to transform how people buy, sell and rent homes across the region.
Michael Lahyani, CEO and Founder of Property Finder, described the transaction as “a defining moment in Property Finder’s journey.” He added: “By welcoming Permira and Blackstone alongside General Atlantic as strategic investors, we are accelerating our mission to reshape real estate across the region through technology, AI, and an industry leading property platform. This investment is a clear vote of confidence in Property Finder, in the UAE, and in the vast opportunity ahead”.
David Erlong, Partner and Global Co-Head Consumer at Permira, said the investment highlights confidence in the long-term growth potential of Property Finder. “Property Finder’s scale, technology, and brand trust creates a strong platform to capture long-term growth as the MENA real estate sector digitises,” he said.
Blackstone Growth Senior Managing Director Paul Morrissey echoed that view: “This investment reflects our confidence in the company’s growth potential and our commitment, together with Permira and General Atlantic, to supporting its mission to make property search and transactions more seamless for consumers and partners alike”.
General Atlantic, which first invested in 2018, emphasised its continued support. “Today’s transaction allows us to crystallise part of the value created, while importantly, we remain strongly invested in Property Finder´s future,” said Chris Caulkin, Managing Director and Head of Technology for EMEA.
The transaction remains subject to customary approvals. J.P. Morgan acted as sole placement agent to Property Finder and General Atlantic, while Moelis & Company served as independent financial adviser to Property Finder. Clifford Chance, Weil, Gotshal & Manges LLP, Cooley LLP and Dechert provided legal advice to the parties involved.
