Singapore-based property-marketplace company PropertyGuru Group has agreed to sell 43.5 million stocks, worth almost $300 million U.S., to U.S.-based global investment company Kohlberg Kravis Roberts & Co. L.P. (KKR).
Following the transaction, the digital real estate company will comprise approximately 2.7% of KKR’s holdings, making the stock its eighth biggest holding. Meanwhile, the U.S. group will control some 27.0% of PropertyGuru, which closed Q2 2022 with a 44% year-on-year rise in revenue to stand at $24 million.
This year PropertyGuru also received $147 million from REA Asia Holdings Co, its third largest shareholder, after Epsilon Asia Holdings and TPG Asia with an 18% stake. Invesco Ltd acquired a new stake worth $253,000, Cambridge Investment Research Advisors Inc. another worth about $100,000 and Leo Brokerage LLC one more of $69,000, meaning 61.5% of total PropertyGuru stocks are owned by institutional investors.
Meanwhile, PropertyGuru recently announced a plan to merge with Bridgetown 2 Holdings Ltd., a Nasdaq-traded special-purpose acquisition corporation. The merger will value the company at $1.8 billion U.S. and is expected to bring in $431 million U.S., including a private investment of $100 million U.S. from Baillie Gifford, Naya, REA Group, Akaris Global Partners and one of Malaysia’s largest asset managers.