European shot-term property management company Altido has been acquired by co-living company DoveVivo.
The transaction, which involves the reinvestment of capital by Altido’s management team in DoveVivo, will create what the companies say is the largest residential management platform in Europe with more than 2,500 properties and apartments under management in 40 cities across Italy, Spain, France, Portland, Scotland and the United Kingdom.
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.
DoveVivo has more than 10,000 beds available to students and young professionals looking for medium- and long-term co-living stays.
Combined, the new group will target customers beyond those looking for co-living to include multifamily, professionals and corporates.
Subscribe to our newsletter below
The transaction will also allow for the integration of medium- to long-term housing solutions with a short-term solution for business and leisure travelers.
Says Valerio Fonseca, founder and CEO of DoveVivo: "We are very proud of this industrial and strategic operation which both teams, DoveVivo and Altido, have believed in and worked hard on during 2021.
“The combination of strong experiences and very complementary know-how in the living area will allow us to become the leading player able to support the management of the residential product and the huge investments planned in this living and short-let sector.”