Oakley sells Casa.it – Oakley Capital has sold its stake in Casa.it. The trust’s share of the proceeds from this transaction, which is at a 50% premium to the 30 June 2020 carrying value, will be approximately £34m, an uplift of 7p to the NAV at 30 June 2020.
Casa is one of the leading players in the online real estate classifieds market in Italy and is part of Fund III’s investment in the online classifieds group, Casa@Home. Oakley originally invested in the business in 2017, as part of the acquisition of a portfolio of classifieds businesses from REA Group, which comprised Casa.it in Italy and atHome.lu in Luxembourg.
Under Oakley’s ownership, Casa has significantly expanded its customer base, now servicing over 14,000 real estate agents with over one million property listings on its website.
The full exit of Casa, together with the partial sale of atHome earlier this year and the retained minority stake, takes the gross return on investment to date to 2.0x MM and c.23% IRR for Fund III. In addition, further upside is expected from the minority stake retained in atHome.
OCI : Oakley sells Casa.it