Singapore-based real estate marketplace PropertyGuru received $146.9 million from REA Asia Holdings Co, the third largest shareholder in the firm after Epsilon Asia Holdings and TPG Asia with an 18% stake.
The latest investment by REA Asia follows PropertyGuru’s July announcement that it plans to go public through a merger with a blank-cheque firm backed by billionaires Richard Li and Peter Thiel, giving the merged entity an equity value of about $1.78 billion, with the property classified currently valued at $816.3 million,
Just last month, PropertyGuru and Australian real estate marketplace company REA Group announced they would combine forces in Asia, with PropertyGuru taking over the REA Group sites in Malaysia and Thailand. According to the deal, which is expected to close in the new three to four weeks, REA Group will take an 18% interest in PropertyGuru.
PropertyGuru also announced a plan for merging with Bridgetown 2 Holdings Ltd., a Nasdaq-traded special purpose acquisition corporation. The merger will value the company at $1.8 billion and is expected to bring in $431 million, including a private investment of $100 million from Baillie Gifford, Naya, REA Group, Akaris Global Partners and one of Malaysia’s largest asset managers.