In a major transaction within the European real estate market, EQT has announced the sale of its majority stake in Idealista, a real estate platform operating in Spain, Italy, and Portugal, to private equity firm Cinven. The deal values Idealista at EUR 2.9 billion, more than doubling its valuation since EQT’s initial acquisition in 2020.
Under the terms of the agreement, Cinven will acquire a 70% stake in Idealista. EQT, which purchased Idealista four years ago for EUR 1.3 billion, will retain an 18% share in the company, indicating continued confidence in its growth potential. The remaining shareholdings, previously held by funds advised by Apax and Oakley, will also be sold to Cinven.
Bert Janssens, Partner and Head of the Private Equity Europe advisory team at EQT, highlighted the platform’s impressive growth trajectory. “Over the past four years, Idealista has entrenched its leading position in the Spanish and Portuguese markets and strengthened its presence in Italy, all while implementing new digital and sustainability initiatives that create a foundation for further growth. We believe strongly in Idealista’s future potential and are excited to remain invested,” said Janssens.
Jesus Encinar, founder and Chairman of Idealista, will continue to lead the company along with the existing management team. Encinar expressed optimism about the future, saying, “This is excellent news for Idealista and our team. We’re pleased that EQT will remain a minority shareholder and look forward to continuing our successful partnership for the coming years.”
The transaction, which is subject to customary conditions and regulatory approval, marks one of the significant private equity-backed deals in 2024.
