Abu Dhabi’s sovereign fund Mubadala Investment Co. is pouring $75 million into the swelling war chest of Property Finder, the Dubai-based real estate portal that has now raised nearly $1 billion in equity and debt financing from a host of blue-chip backers.
The latest $170 million fundraise included another unnamed UAE sovereign wealth fund — which ponied up $75 million as well — and Property Finder’s very first investor, Saudi-backed BECO Capital. The deal follows a $525 million round last September with participation from Blackstone, and $250 million in debt financing from Ares Management and HSBC.
A construction and population boom in Dubai has created one of the world’s hottest property markets, a phenomenon that industry watchers say appears robust enough to avoid a bust. Despite that, classifieds rival Dubizzle pulled its IPO last year after its prospectus revealed four years of losses. In the property portal wars — fought hard in this corner of the world, where transaction volume is high — sovereign wealth funds appear to have picked their winner.