Co-living provider Medici sets its sights on Switzerland
Co-living provider Medici Living and Corestate Capital Holding have agreed on a cooperation. The aim is to expand across Europe - including into Switzerland.
The core of the cooperation between Corestate and Medici is to invest one billion euros over the next three to five years, Medici says. This would make it the world's largest investment in the co-living asset class to date. The cooperation will include acquisition, conception and management of the properties.
Medici previously named Germany, the United Kingdom and the Netherlands as its target markets - now, according to the company, Switzerland, Austria, Spain and Poland will be added. The focus is on cities with more than 500,000 inhabitants and properties with an investment volume of between 20 and 60 million euros - both existing properties and project developments. Corestate and Medici reportedly expect a total of about 35 buildings with high-quality amenities to be operated under the Quarters brand.
Corestate will be responsible for investment, project development and financing,
Medici will be responsible for designing and operating the properties. Urbanization, young people's desire for community and openness to live and work in different metropolitan areas are steadily increasing demand for co-living space, says Dr. Michael Bütter, Corestate's CEO. "Co-living investments are characterized by the low risk profile of residential real estate while offering higher expected returns," he adds.
Medici Living Group describes itself as the world's largest co-living provider. The company currently offers around 1,800 rooms, which it says are more than 97 percent occupied. About 6,000 rooms will be added as part of the cooperation. The residential units will be leased from long-term tenants and equipped for rental. (ah)
