Permira and Blackstone have invested $525 million in Dubai-based Property Finder, acquiring a minority stake in one of the Middle East’s largest property classifieds platforms.
The transaction, announced Tuesday, marks Permira’s first investment in the region and follows the private equity firm’s decision to open a Dubai office earlier this year. Blackstone, long active in the Gulf primarily for fundraising, has in recent years stepped up its role as an investor, backing local operators and co-investing alongside sovereign wealth funds.
General Atlantic, which first invested in Property Finder in 2018, sold part of its stake as part of the deal. The valuation was not disclosed.
Michael Lahyani, Property Finder's founder and CEO, took the reins in 2005, initially launching Al Bab World, a print-based real estate classifieds magazine in the UAE.
In 2007, the business was rebranded to Property Finder and has since grown into one of the region’s most recognisable real estate platforms, competing with Dubizzle and Bayut – the latter backed by Jared Kushner’s Affinity Partners and reportedly exploring an IPO.
The company raised $90 million in debt last year from Francisco Partners to finance the buyout of early backer BECO Capital, a deal valuing the firm at over $1 billion.
According to former BECO managing partner Amir Farha, the exit generated over $80m for LPs – a 1.6x return on the fund – and carried interest for the GPs.
The new funding will support expansion into Saudi Arabia and Turkey, building on its footprint in Qatar, Bahrain and Egypt. Property Finder’s growth comes against the backdrop of a surging Dubai housing market, where prices have climbed sharply since the pandemic as wealthy international buyers continue to flood the market.
