Property Finder, which is backed by General Atlantic, has acquired Bahrain Property World, a property portal in Bahrain. No financial terms were disclosed.
DUBAI, UAE, April 16, 2019 /PRNewswire/ —
Acquisition follows a $120 million investment by General Atlantic in Property Finder in November 2018
Decision comes close on the heels of Property Finder increasing its stake to circa 40% in Turkish property portal Zingat
Property Finder also announced the acquisition of competitor JRD Group in the UAE, this time last week
Property Finder, the leading real estate portal in the MENA region, has recently acquired Bahrain Property World, a pioneering property portal in Bahrain.
The Group has been operating through Propertyfinder.bh in the Bahrain market for over five years, making its foray into the country in 2013.
This acquisition comes a few months after Property Finder raised $120 million in funding from private equity firm General Atlantic in November 2018.
Michael Lahyani, CEO and Founder of Property Finder Group, said: “This is one of three high-powered strategic moves since closing our latest round of investment led by General Atlantic. The first being the increase in our share in Turkish portal Zingat, and our recent acquisition of UAE competitor JRD Group. We are very happy to further instill our confidence in the Bahrain region and continue to invest in a market in which we see a lot of potential and have been present since 2013.”
Lahyani said the acquisition would provide an opportunity to promote Bahrain property to Middle Eastern investors. ”It is also a testament of the potential growth that we expect from the country, where we want to continue to bring the best real estate listings and data to Bahrain citizens and residents.”
Lahyani added that this was another milestone that would help the Property Finder Group to further expand its footprint in the Middle East and North Africa.
“Property professionals in Bahrain will have the opportunity to introduce their inventory in multiple markets where Property Finder Group has on-the-ground operations and a large audience of investors,” the CEO and Founder said.
Steven Filipowicz, Founder of Bahrain Property World, will continue to play a role and be involved in the day-to-day operations of the combined entity.
“This is an exciting new chapter for my family and I. As a company, we are happy to join the Group and benefit from the vast experience, knowledge, extensive MENA network, advanced technology guidance and expertise that the Group of portals will provide to us. We look forward to an exciting future of synergies with Property Finder in Bahrain,” said Filipowicz.
About Property Finder – www.propertyfinder.ae
Property Finder is the leading digital real estate platform in the Middle East and North Africa region that facilitates the house hunting journey for both buyers and renters.
Founded in 2007, the website has evolved over the years as the go-to platform for developers, real estate brokerages and house hunters to make informed decisions on all things real estate.
A UAE-born startup, Property Finder has branched out of the country’s shores and operates in a total of seven markets, including Qatar, Bahrain, Saudi Arabia, Lebanon, Egypt and Morocco, and has a significant stake in the second largest property portal in Turkey, which has over 6 million monthly visitors and more than 18,000 real estate agents.
US private equity firm General Atlantic led Property Finder’s latest round of investment of a total of $120 million in 2018. This is being used to hire further exceptional talent and investing in its technology and product capabilities.
The property portal employs over 450 employees globally, of which 204 people work out of its Dubai office, and generates over six million monthly visits as a Group.
In April 2019, Property Finder announced acquisition of JRD Group, following an increased investment in Turkish portal Zingat in April 2019.
In 2014, Property Finder acquired eSimsar.com, the top property portal in Saudi Arabia, while in 2013, the Group bought out realestate.com.lb, the number 1 property portal in Lebanon, and lastly, the acquisition of Selektimmo, a Moroccan portal, to pad out sarouty.ma, Property Finder’s Moroccan offering, in 2016.