KKR and TPG are exploring options including a buyout of South-east Asian online real estate platform PropertyGuru Group, sources familiar with the matter said.
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 sources said, asking not to be identified because the matter is private. KKR and TPG, which own about 26.5 per cent and 29.6 per cent of PropertyGuru, respectively, could also opt to buy the remaining shares they don’t already hold, the sources said.
The considerations are preliminary and no final decisions have been made, according to the sources.
A representative for KKR declined to comment on the subject. TPG and PropertyGuru did not immediately respond to requests for comment.
PropertyGuru’s shares, which rose as much as 6.8 per cent on Wednesday, have now gained 38 per cent this year. They closed up 4.3 per cent to US$4.60, giving the company a market value of US$754 million.
Singapore-based PropertyGuru went public in New York in 2022 after a merger with Bridgetown 2 Holdings, a special purpose acquisition company 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.
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Established in 2007 and led by chief executive officer Hari V Krishnan, PropertyGuru provides online property search services in markets including Singapore, Malaysia, Vietnam and Thailand. BLOOMBERG
