SmartRental will invest €100M in serviced apartments and coliving

SmartRental will invest €100M in serviced apartments and coliving

SmartRental plans to advance its international expansion with an investment for the next five or six years of 100 million euros, including equity and associated debt.

As a first step, the firm founded by Fernando Rodríguez and Francisco García has raised capital by 25 million between the company's partners and other investors, which will allow the purchase of assets located in central areas, as well as their rehabilitation, for tourist use and real estate to offer as coliving.

SmartRental plans to close the investment of this first tranche of 50 million (including leverage) in a maximum initial term of about two years and in another two additional years to put the entire portfolio in value and profitability.

The SmartRental group was created in 2011 and is headquartered in Madrid. It works with the SmartRental brands, with ten licensed tourist apartment buildings in Madrid, Las Palmas de Gran Canaria and Oporto; Live it, with four coliving buildings with 222 units in Barcelona and Madrid, and Smart Living with 750 apartment units for students in Madrid, Barcelona and Valencia and the goal of reaching 2,000 in two years and half.

It also has a brand under which it operates its coworking business, Smartup, where it has 300 sqm for more than 50 seats and meeting rooms, and a hostel with capacity for 306 people in Lavapiés, Madrid, in the process of license.

SmartRental, which closed 2019 with revenues of 16.7 million and an ebitda close to 2 million, expects to close 2022 with a turnover of 25 million and an ebitda of about 4 million.

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