Medici Living and Corestate want to invest €1bn in co-living
Medici Living and Corestate have agreed on an extensive collaboration in the co-living segment and have declared their intentions to invest €1bn across Europe over the next three to five years in suitable existing properties and developments, half of them in Germany. They will be focusing on cities with more than 500,000 inhabitants and properties with investment volumes between €20mn and €60mn; in addition to Medici’s current target markets Germany, UK, and the Netherlands, the companies will also consider Switzerland, Austria, Spain, and Poland. Medici and Corestate are anticipating about 35 buildings that will be operated under the Medici brand “Quarters”, which targets young professionals. The project, according to Medici, is the largest investment to date worldwide in this asset class, and should result in a breakthrough for co-living in Europe. The Medici portfolio will thus grow instantly from currently 1,800 by 6,000 rooms.
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