KKR and TPG are exploring options including a buyout of Southeast Asian online real estate platform PropertyGuru, The Edge reports, citing people familiar with the matter.
PropertyGuru’s shares have climbed 32% this year, valuing it at $723 million.
Singapore-based PropertyGuru went public in New York in 2022, after a merger with Bridgetown 2 Holdings, a SPAC backed by billionaires Richard Li and Peter Thiel. Australia’s REA Group also owns a significant minority stake in the business as part of a broader deal in 2021. At the deal closing, the transaction valued PropertyGuru at nearly $1.8 billion.
Established in 2007, PropertyGuru provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand.
The US private equity firms are working with a financial adviser to help gauge initial interest from other global investors in New York-listed PropertyGuru, the people said, asking not to be identified because the matter is private. KKR and TPG, which own about 26.5% and 29.6% of PropertyGuru respectively, could also opt to buy the remaining shares they don’t already hold, the people said.
Considerations are preliminary and no final decisions have been made, the sources said. Read more.
