- KKR and TPG are mulling a PropertyGuru buyout amid rising shares.
- The firms own major stakes but seek global investors’ interest.
- PropertyGuru’s Q1 losses narrowed on Singapore growth.
Global private equity giants KKR and TPG are weighing a potential buyout of Singapore-based PropertyGuru Group, among other strategies, according to a Bloomberg report citing sources.
The news comes as PropertyGuru’s share price has risen 32% in 2024, valuing the company at US$723 million.
Real estate royalty eyes the prize
KKR and TPG currently own approximately 26.5% and 29.6% stakes in the real estate platform, respectively.
While acquiring PropertyGuru’s remaining ownership is an option, the firms have engaged an adviser to gauge interest from other global investors. However, these discussions are still in their early stages.
PropertyGuru recently reported narrowing net losses of US$4.6 million for the first quarter of 2024, with revenue growing 11.9% to US$27 million, mainly driven by growth in Singapore.
Despite missing average earnings estimates for the quarter, the company welcomed Singapore’s Housing & Development Board’s recent launch of a “free of charge” home listing service, expressing interest in partnering with HDB.
A property play in the making?
Founded in 2007, PropertyGuru offers an online property marketplace for users in Singapore, Malaysia, Vietnam, and Thailand.
The company went public in 2022 after merging with SPAC entity Bridgetown 2 Holdings.
To read the original article: https://www.techinasia.com/kkr-tpg-eye-complete-takeover-propertyguru-report
