• May 21, 2022

Singapur’un PropertyGuru, Milyarder Richard Li, Peter Thiel Tarafından Desteklenen SPAC ile 1.8 Milyar Dolarlık Anlaşma Üzerinden Listelenecek

 Singapur’un PropertyGuru, Milyarder Richard Li, Peter Thiel Tarafından Desteklenen SPAC ile 1.8 Milyar Dolarlık Anlaşma Üzerinden Listelenecek

PropertyGuru has agreed to a merger with Nasdaq-listed Bridgetown 2 Holdings, a blank check company controlled by billionaires Richard Li and Peter Thiel, as the Singapore-based online real estate market looks to meet growing demand for real estate in Southeast Asia.

The companies said in a joint statement that the combined asset will be worth $1.78 billion and will be listed on the New York Stock Exchange. PropertyGuru will generate gross revenue of $431 million from the transaction, $299 million of which will be provided by Bridgetown 2.

Investors such as Baillie Gifford, Naya, REA Group, Akaris Global Partners and one of Malaysia’s largest asset managers will contribute $100 million. REA Group, a current shareholder of PropertyGuru, has committed to inject another $32 million. The transaction is expected to be completed by the fourth quarter of this year or the first quarter of 2022, subject to regulatory approvals.

PropertyGuru, which counts TPG Capital and KKR among its current shareholders, posted 25% compound annual revenue growth in the four years to 2019, capitalizing on increased property demand, particularly in Singapore, where home prices have soared to record levels during the Covid-19 pandemic. . The growth momentum is expected to continue, with the company expecting 29% compound annual revenue growth over four years through 2025.

“We have established a market leadership position and a track record of revenue growth in the Southeast Asian real estate ecosystem,” said Hari V. Krishnan, CEO and general manager of Property Guru. “Most of this success is the result of our investment in technology over the years and recent strategic growth opportunities.

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Founded in 2007, PropertyGuru hosts 2.8 million real estate listings on its digital platform and serves 37 million buyers and 49,000 active real estate agents in Indonesia, Malaysia, Singapore, Thailand and Vietnam.

In May, the company agreed to buy REA Group’s units in Malaysia and Thailand. Under this agreement, REA Group, majority-owned by Rupert Murdoch’s News Corp., will hold an 18% stake in PropertyGuru.

“Southeast Asia is a unique market in that it has very high economic growth but lacks quality services in many industries,” said Li, founder and chairman of Pacific Century Group. “The fast-growing middle class, increasing urbanization and technological disruption create a unique combination.”

Li’s Pacific Century Group and Thiel’s Thiel Capital jointly own Bridgetown 2, a special purpose buyout firm that raised $300 million in its January IPO. The son of Hong Kong’s richest person, Li Ka-shing, Li was the 28th richest person in the city with a net worth of $4.5 billion when the World Billionaires List was published in April.

PayPal co-founder Thiel is ranked 574th in the US with a net worth of $4.9 billion. He was also the co-founder of Palantir, a CIA-backed big data startup that went public through a SPAC in 2020.

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