Investment in idealista

26 January 2021

Oakley Capital Investments Limited

New Investment

Oakley Capital Investments Limited¹ ("OCI") announces that Oakley Capital IV² ("Fund IV") has agreed to make a minority investment in idealista, the leading online real estate classifieds platform in Southern Europe.

OCI's indirect contribution via Fund IV will be c.£43 million.

Note that the above figure only relates to OCI's share of Fund IV's overall investment in idealista.

OCI's liquid resources available for future deployment (including this transaction) are estimated to be £179 million.          

Further details on the transaction can be found in the below announcement from Oakley Capital.

Investment in idealista, the leading online real estate classifieds platform in Southern Europe

Oakley Capital ("Oakley") is pleased to announce that Oakley Capital IV² ("Fund IV") has agreed to make a minority investment in idealista (the "Company"), the leading online real estate classifieds platform in Southern Europe, present in Spain, Italy, and Portugal. Fund IV will invest €175 million alongside the management team of idealista and EQT, who will remain the majority shareholders in the Company.

Fund IV's investment in idealista will draw upon Oakley's proven expertise in the online classifieds sector. Oakley has an in-depth understanding of idealista from Oakley Capital Private Equity III² ("Fund III")'s successful sale of Casa.it ("Casa") to EQT in September 2020, which was subsequently combined with idealista's Italian operations. The highly synergistic combination with Casa has strengthened the Company's competitive positioning in Italy and is complementary to idealista's market leading position in Spain and Portugal.

Founded in 2000 and headquartered in Madrid, Spain, idealista supports approximately 40,000 real estate agents and 38 million unique monthly visitors across Southern Europe by providing an online real estate classifieds marketplace for home buyers and sellers. The Company's online platform and diversified portfolio of digital services, such as CRM tools, data analytics, and online mortgage brokerage, help facilitate efficient real estate transactions, making it a key destination for prospective homeowners and sellers in Spain, Italy, and Portugal. idealista is a clear leader in Spain and Portugal and has a growing presence in Italy, a market where the Company will benefit from Oakley's previous experience with Casa.

idealista's underlying market is supported by favourable secular megatrends, such as the increasing penetration of the online classifieds market in Italy, Spain and Portugal as they mature in line with more developed global classifieds markets; the shift from offline to online marketing spend by real estate agents; and the significant network effects driven by the platform's strong brand recognition.

Peter Dubens, Managing Partner of Oakley Capital, commented:

"Following our successful track record in the online real estate classifieds market, we believe that idealista has significant potential to further consolidate its market-leading position in Southern Europe. We look forward to working with EQT and idealista's high-quality management team, and together supporting the business in this next stage of growth."

Jesús Encinar, Founder, Chairman & CEO of idealista, commented:

"We are very excited to partner with EQT and Oakley and look forward to working together during the coming years. EQT and Oakley's online classifieds and real estate expertise will be of great value for us and key to our future success. We share a similar culture and passion for growth - a key decision factor for me and my team to partner with them."

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For further information please contact:

Oakley Capital Limited

+44 20 7766 6900

Steven Tredget, Investor Relations

Greenbrook Communications Limited

+44 20 7952 2000

Alex Jones / Michael Russell / James Williams

Liberum Capital Limited (Financial Adviser & Broker)

+44 20 3100 2000

Gillian Martin / Owen Matthews

Notes:

This announcement contains inside information for the purposes of the Market Abuse Regulation (EU) No. 596/2014

LEI Number: 213800KW6MZUK12CQ815

¹ About Oakley Capital Investments Limited ("OCI")

OCI is a Specialist Fund Segment ("SFS") traded investment vehicle that aims to provide shareholders with consistent long-term capital growth in excess of the FTSE All-Share Index by providing liquid access to private equity returns through investment in the Oakley Funds².

A video introduction to OCI is available at https://oakleycapitalinvestments.com/videos/

² The Oakley Funds

Oakley Capital Private Equity L.P. and its successor funds, Oakley Capital Private Equity II, Oakley Capital Private Equity III, Oakley Capital IV and Oakley Capital Origin Fund are unlisted lower-mid to mid-market private equity funds that aim to provide investors with significant long-term capital appreciation. The investment strategy of the Funds is to focus on buy-out opportunities in industries with the potential for growth, consolidation and performance improvement.

Oakley Capital, the Investment Adviser

Founded in 2002, Oakley Capital Limited has demonstrated the repeated ability to source attractive growth assets at attractive prices. To do this it relies on its sector and regional expertise, its ability to tackle transaction complexity and its deal generating entrepreneur network.

Important information

Specialist Fund Segment securities are not admitted to the Official List of the Financial Conduct Authority. Therefore, the Company has not been required to satisfy the eligibility criteria for admission to listing on the Official List and is not required to comply with the Financial Conduct Authority's Listing Rules.

The Specialist Fund Segment is intended for institutional, professional, professionally advised and knowledgeable investors who understand, or who have been advised of, the potential risk from investing in companies admitted to the Specialist Fund Segment.