Aareal and Advent sell €3.9bn proptech division to TPG

Aareal Bank and Advent International have agreed to sell Aareon, its circa €3.9bn (£3.3bn) subsidiary focusing on software-as-a-service solutions for the property industry, to TPG and CDPQ.

Aareal Bank’s equity stake in Aareon is worth about €2.1bn.

Aareon will become