CVC’s global credit management business, CVC Credit, has provided the Cinven fund with debt facilities in the acquisition of a majority stake in the Idealista real estate platform, as reported this Friday in a statement.
In this context, CVC Credit CEO Moris Nachmias commented that “Idealista is the leading online real estate classifieds platform in Southern Europe, covering both large and growth markets.”
“Under Cinven’s leadership, Idealista will now seek to accelerate the digitalization of the consumer experience and real estate agent workflows. CVC Credit is pleased to support this process in the coming years,” he added.
For his part, CVC Credit partner Miguel Toney has indicated that the “depth” of CVC Credit’s platform means that they already had experience investing in Idealista’s markets, both in their private credit and productive credit businesses.
“This knowledge, along with the ability to access the expertise of CVC’s local teams, was crucial to accessing this opportunity,” said Toney.
Last June, the Cinven fund signed an agreement with the shareholders of Idealista to buy 70% of the real estate platform for a value of 2.9 billion euros.
The real estate portal highlighted that its founder and president, Jesús Encinar, would continue with his team to lead Idealista, as he did in 2015 after the sale of the platform to the funds managed by Apax, and in 2020 after the sale to EQT.
EQT, until now a reference shareholder of Idealista since it acquired the majority of the company in 2020, then valued at 1,325 million euros, reinvests to continue as a co-investor in a lower percentage, 18%.
For their part, the funds managed by Apax and Oakley, which to date had 17% and 11% of Idealista, are selling their percentage in this operation and leaving the company’s shareholding.
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