Starwood buys 22% of DoveVivo coliving for €50M

Starwood buys 22% of DoveVivo coliving for €50M

After the operation, the majority shareholder of the Italian group will continue to be DV Holding, controlled by its founders, Valerio Fonseca and William Maggio with the minority shareholder Tamburi Investment.

With a portfolio of nearly 10,000 beds in 15 cities on the continent, DoveVivo is the largest coliving company in Europe, with properties in Spain, Italy and France.

The new resources raised with this operation will allow it to pursue the objectives of its business plan, which include expanding its target audience (not only students and young professionals, but also managers and companies), and the duration of their stays towards the long term; as well as reinforcing its internationalization, mainly through mergers and acquisitions, to consolidate its presence in the markets where it is already present and enter new European countries.

BNP Paribas, Grant Thornton, Dentons and Clifford Chance advised Starwood; and Lazard, Gattai Minoli Partners, and Alberto Picariello at Dovevivo.

With two coliving centers in Madrid already underway, the company's plans are to add some 2,800 beds in Spain in three years, distributed between the capital, Barcelona and Valencia.

The company remains controlled by DV Holding S.p.A., the vehicle of its founders Valerio Fonseca and William Maggio, with the minority shareholder Tamburi Investment Partners S.p.A.

Valerio Fonseca, Founder and CEO of DoveVivo, explains: "The transaction that we are announcing today represents a key moment in the evolution of the company's business project that foresees, already in 2022, the expansion of the offer to an increasingly larger audience. , community development and advanced services to owners, investors and end customers. We are very proud that an international fund like Starwood, a leading player in the global real estate sector, has believed in our project, especially at a time in history when quality and the ability to innovate are essential to be more competitive nationally and internationally.

Francesco Zanella, Senior Vice President and Head of the Southern Europe Acquisitions Team at Starwood Capital, said: “We are delighted to join the DoveVivo project and support the company's future growth. This investment represents the beginning of a strategic association with a leading operator in the European residential sector that will allow us to exponentially increase our presence in the residential market throughout Europe. We support the vision, the business plan and its exceptional management team. We believe in the solid fundamentals of this residential commitment and we are delighted to join DoveVivo's group of first-tier shareholders by contributing our experience and knowledge of real estate globally”.

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