DH Group Enters the Spanish Market

Listed real estate broker DH Group on Tuesday announced its entry into the Spanish market through the gradual acquisition of local peer Don Piso Group and the establishment of a joint venture to introduce its Credipass financial services in Spain.

Under an agreement, DH Group acquired an initial 22.08% stake in Don Piso Group through a capital raise, and its stake will increase to 34% at the beginning of 2026. Further steps will raise DH Group's stake in Don Piso Group's real estate brokerage and franchising business to 67% within three years and full ownership within six years. DH Group also holds call options to acquire another 33% in the group's business for real estate sales and purchases and property upgrades after three years and an additional 33% after six years.

The purchase price for the future transactions will be calculated based on Don Piso Group's performance.

DH Group will roll out its loan brokerage brand Credipass in Spain through a joint venture in which it holds a 51% stake and Don Piso Group's owners hold 49%. DH Group aims to boost its stake in the JV to 100% after three or six years.

DH Group plans to triple core EBITDA by 2029, with revenues growing from EUR 100 million in 2024 to EUR 198 million in 2029, and core EBITDA rising from EUR 12 million to EUR 33 million.