London’s Permira and US-based Blackstone Growth are taking a minority stake in Dubai’s Property Finder with a USD 525 mn investment, according to a press release. General Atlantic, a backer since 2018, sold part of its holding but is retaining a significant minority stake.

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The numbers: Permira led with USD 350 mn, while Blackstone also committed “significant” capital, the press release said, without specifying the value of the investment. The transaction values Property Finder at about USD 2 bn, the Financial Times reports, citing a source familiar with the matter. It is Permira’s first Middle East investment, coming just months after opening a Dubai office.

Expansion mode: The platform has already moved into Qatar, Bahrain, and Egypt, and is eyeing growth in Saudi Arabia and Turkey, Bloomberg reports. The new funding is meant to help scale the platform across the region. The story also got ink from Reuters.

ADVISORS- JP Morgan acted as sole placement agent to Property Finder and General Atlantic. Moelis and Co., Axis Arbor Partners, Cooley, Citigroup Global Markers, Clifford Chance, Weil, Gotshal and Manges, and Dechert also worked on the transaction.

Looking ahead: Property Finder is talking to equity investors to explore the possibility of broadening its cap table. While some sources said that it is looking into a potential IPO. It previously raised a series B round from Sweden’s VNV Global and secured USD 90 mn in debt from US-based Francisco Partners.

About Property Finder: Founded in 2007, Property Finder is one of MENA’s biggest real estate classifieds sites, competing with rivals like Dubizzle and Bayut.

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