(Bloomberg) -- EQT AB has agreed to sell a majority stake in Idealista to private equity firm Cinven in a deal valuing the online real estate platform at €2.9 billion ($3.1 billion). 

Cinven is buying a 70% stake in Idealista with EQT retaining an 18% holding in the business, according to a statement on Friday. Apax Partners and Oakley Capital will sell their holdings, while Jesus Encinar, founder and chairman of the real estate platform, plans to keep his stake and continue to lead the firm alongside the management team.

Idealista operates in Spain, Italy and Portugal, according to its website. EQT, which manages €242 billion in assets, acquired Idealista in 2020 at €1.3 billion valuation.

The Idealista sale marks at least the third deal that EQT announced this month following its acquisitions of a majority stake in Belgium-based software provider CluePoints and Constellation Cold Logistics. It also comes as buyout funds are under pressure to meet the increasing investor demand to return capital and become more active in exits of portfolio companies.

--With assistance from Christopher Jungstedt.

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