EQT, the global investment firm, has sold a majority stake in a real estate platform it acquired in 2020 for €1.3 bn at an impressive new valuation of €2.9 bn.
EQT’s IX fund took control of idealista four years ago giving it exposure to a real estate firm that operates in Spain, Italy, and Portugal.
In a statement on Friday, it said private equity firm Cinven had agreed to buy a 70% stake, while EQT would retain 18%. Funds advised by Apan and Oakley will offload their shares. Jesus Encinar, founder and chairman of idealista, continues to lead the company and retains his stake.
Bert Janssens, partner and head of EQT’s private equity Europe advisory team, said: ‘Over the past four years, idealista has entrenched its leading position in the Spanish and Portuguese market and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in idealista’s future potential and are excited to remain invested.’
