European property management company Altido, freshly acquired by co-living company DoveVivo, is continuing its growth track with two acquisitions.
Joining the Altido brand are property management company Flatty, which has 20 apartments in its portfolio in Italy, as well as A & A Apartments & Boats, which has a portfolio of 31 apartments between Genoa and the Levante coast and offers a boat rental service.
“The way people are living, working and traveling has changed irreversibly since COVID, and we are seeing an increased demand for short-term rental accommodation with bookings rocketing in 2022,” says Davide Ravalli, co-founder and head of mergers and acquisitions at Altido.
“We are very pleased to have successfully concluded our M&A deals with two innovative property management companies led by industry professionals like Alex [Azzini, owner of A & A Apartments & Boats] and Federico [Aceto, Flatty owner], now managers of Altido. We are sure they will make a big contribution to Altido to scale the market quickly.”
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Altido, created in 2019 from the merger of four property management companies, counts more than 1,000 short-let properties and 700 pop-up hotel beds under management in 20 cities.
In February, it was acquired by DoveVivo, which the companies say created the largest residential management platform in Europe.
Altido says it is currently evaluating another 40 potential M&As for a total of 2,000 units that could join its inventory.