Investment firm CVC Capital Partners has agreed to invest in residential property management company Odevo, joining a group of investors led by Fidelio Capital. The transaction values Odevo at more than $3 billion.

Founded in 2018 by Swedish investment company Fidelio, Odevo offers a wide range of services to residential property owners, including accounting, management, billing and renovation. The company has grown significantly since its inception and has expanded its business more than 50 times through organic growth and partnerships. Today, Odevo manages 1.4 million buildings, has more than 7,000 employees and generates annual revenues of €650 million.

CVC's investment through its IX fund, which closed last year at €26bn, comes at a time when the European real estate sector is attracting significant private equity interest, with the value of PE deals almost doubling from $24.5bn in 2020 to $48.3bn in 2023, according to Pitchbook data.