Editor's note: This brief was summarised by The Property AI Newsroom from a report by Property Industry Eye. Read the original article for full details.

CVC Acquires Majority Stake in OpenRent to Drive Platform Growth

CVC has taken a majority stake in the rental platform OpenRent as part of a strategic partnership to accelerate the platform’s growth and technology development. OpenRent’s founders, Adam Hyslop and Darius Bradbury, will remain significant shareholders and continue to lead the business as chief executive and chief technology officer, respectively.

Founded in 2012, OpenRent provides a range of services for the UK rental market, including property advertising, tenant search and selection, referencing, contracts, deposits, and rent collection. The platform operates a direct landlord-to-tenant model and has a community of more than 8.8 million landlords and tenants. According to OpenRent, more than one in five UK tenancies now runs through its services.

CVC is a global private markets manager with a network of 30 local offices and €212 billion in assets under management. Following the investment, OpenRent plans to develop new tools for landlords and tenants and invest further in its platform, with a focus on reducing administration, complexity, and costs throughout the rental process.

The transaction is subject to customary regulatory approvals and is expected to complete later this year.