Permira, Blackstone Invest $525 Million in Dubai Property Portal

Permiraand Blackstone have invested $525 million in Dubai-based Property Finder, in a bet the city’s real-estate market can move beyond its boom-and-bust reputation.

The private capital firms acquired a minority stake in the property classifieds website, according to a statement Tuesday. General Atlantic, which invested in Property Finder in 2018, sold part of its holding in the transaction.

The companies didn’t disclose the valuation.

The transaction marks Permira’s first investment in the Middle East, coming months after the firm opened an office in Dubai’s financial hub. Global buyout groups have been building a presence in the Gulf to ...