Apax X fund sells stake in Idealista

Apax Global Alpha announced on Monday that the Apax X fund, in which it is a limited partner, has agreed to sell its minority stake in Idealista, a prominent online real estate classifieds platform in southern Europe, to Cinven.

The London-listed firm said the transaction, including prior distributions, was expected to deliver a total gross multiple of invested capital (MOIC) of 2.1x and a gross internal rate of return (IRR) of 24% for Apax X.

AGA's look-through investment in Idealista was valued at around €14.8m, representing an uplift of about 9.6% from the last unaffected valuation and a €1.3m increase in its adjusted net asset value as of 31 March.

The transaction was set to close in the fourth quarter of the year, pending regulatory approval.

Apax X initially invested in Idealista in February 2021 after Apax VIII sold the company to EQT.

The transaction allowed Apax X to reinvest in a company it was familiar with and support its international expansion.

Apax VIII had previously driven significant value creation for Idealista since first investing in 2015, during which time the company’s revenues increased more than sevenfold and its workforce grew over fourfold.

Founded in 2000 and headquartered in Madrid, Idealista operates an online real estate classifieds marketplace that connects around 60,000 real estate agents with over 38 million unique monthly visitors, generating over one billion visits annually across southern Europe.

The platform offers a diversified portfolio of digital services, including CRM tools, data analytics, and online mortgage brokerage, facilitating efficient real estate transactions.

At 0847 BST, shares in Apax Global Alpha were up 0.51% at 158.8p.

Reporting by Josh White for Sharecast.com.