Co-Living Company Raises €1B For Massive U.K. And European Push To Become ‘The WeWork Of Co-Living’
Berlin-based co-living company Medici Living has raised €1B to undertake the largest investment in the nascent sector anywhere in the world so far.
Medici has teamed up with Frankfurt-listed investment manager Corestate Capital to deploy €1B of equity and debt over the next three to five years to buy and develop 35 co-living facilities comprising up to 6,000 units across Europe. The facilities will be operated under Medici’s Quarters brand.
In addition to Medici’s current European target markets of Germany, the U.K. and the Netherlands, the new investment program will focus on Austria, Switzerland, Spain and Poland. The focus will be on cities with populations greater than 500,000, and properties — existing as well as new-build — with an investment volume of between €20M and €60M …