Breaking Property News – 20/03/24
Daily bite-sized proptech and property news in partnership with Proptech-X.
London Co-Living Specialist Acquires Fourth Competitor in Under Three Years
Co-living specialist Built Asset Management (BAM) today announced its fourth competitor acquisition in under three years with competitor ProCo-Living joining the BAM business portfolio with immediate effect.
ProCo-Living’s shared ethos of providing high-end accommodation options to young professionals in London was aligned to the fast-growing BAM brand, which operates over 1500 rooms across the capital.
Founded in 2018, ProCo-Living gained a solid reputation for quality of accommodation and service, while keeping a strong focus on sustainability and improving the carbon footprint of London homes by enabling multiple residents to share the energy output of a single property. Following the acquisition, ProCo-Living will continue to trade under its own ProCo-Living brand.
This latest acquisition solidifies BAM’s strong presence in the growing co-living market as it remains the largest co-living operator of its kind in London, responsible for operating over £350M worth of London real estate. It follows the acquisition of competitor Capital Living six months ago and two prior acquisitions–Kingdom Houses and Stanley Rose Houseshares–in 2021 and 2022, respectively. It is BAM’s ambitious growth strategy in the sector has already doubled the business’ revenue in under three years.
Alex Gibbs, Co-Founder and Director of BAM, said the following about the acquisition:
“The co-living sector in London continues to grow rapidly and the demand for high quality, affordable accommodation in the capital has never been stronger. We have been hugely impressed by ProCo-Living’s management team and its focus on maintaining strong relationships with all of its business stakeholders.
The acquisition marks the fourth for BAM in under three years and has been a natural fit for our growth strategy in the sector. We are very excited to be adding ProCo-Living’s properties to our existing portfolio.”
David Clifton-Burraway, Founder and Former Director of ProCo-Living, also commented on the news:
“Having operated successfully in London for six years, we felt the time had come to elevate the ProCo-Living brand to the next level with the support of a like-minded company with a solid foothold in the co-living space. BAM was undoubtedly the right fit for us, and with our shared values–namely providing quality and affordability of accommodation for young professionals–the acquisition felt like the natural next step forward for both parties.
“We’re incredibly excited to see where the acquisition takes the ProCo-Living brand, and have no doubt that the upward trajectory of success will continue across the board.”
Thirdway partners with Revantage & Blackstone to accelerate lettings with AI platform TX
Thirdway has partnered with Revantage at Chiswick Park, their 1.8 million sq ft business campus in West London focused on workers’ wellbeing – to deliver TX’s real-time design tech for accelerated office lettings.
TX, a proptech platform powered by Thirdway to generate sample fit-out configurations, takes prospective occupiers’ criteria to produce tailored 3D office space visualisations. With an engaging and immersive experience exploring fit-out options for the space from the first viewing, TX empowers tenants to make informed decisions on leasing office space swiftly.
TX revolutionises customised fit-out for businesses looking to make Chiswick Park their home Integrating real-time design into tenant viewings, TX is transforming the letting process. Combining the expertise of Thirdway’s 40-strong design team with the power of AI, the interactive viewing experience allows prospective occupiers to visualize and create their ideal office space. Bespoke fit tests can be adjusted by the tenant and their dedicated designer to include preferred finishes and furniture.
Visualisations come with a detailed design pack that includes full costings and timelines, so prospects immediately have clarity on whether an office space is right for their brand and their staff. TX’s high-end, unique buyer experience gives lightning-fast space plans, cost estimation, and program turnaround. The result is a seamlessly efficient letting process for occupiers, agents, and landlords.
TX helps landlords and their properties stand out: 100% of viewings involving TX resulted in a follow-up viewing or occupier request at recently redeveloped 20 Balderton Street, Mayfair. As premium office space landlords have long been navigating the balance between providing a fitted option for tenants whilst allowing the flexibility of a customised layout and finish.
TX gives tenants a clear picture of the high-end office environment that Thirdway can help them achieve from the very first viewing, so would-be occupiers can make informed choices swiftly. Once plans and costings are finalised through TX, Thirdway takes care of the rest of the build-out process, ready for new tenants to take occupancy.
Cutting up to 4 weeks from a traditional design to implementation programme, filling valuable office spaces faster and more efficiently. Landlords are able to gain huge advantages in the current market where commercial lettings can be slow to fill and delays in transactions can cause extra costs.
TX’s Key Design Features include; AI-generated designs create a real-time immersive experience, 3D mapping, floorplan options and CGIs, Extensive database of space plan options, Fully customisable criteria for desk space, meeting rooms, breakout space, finish and furniture, Bespoke fit tests within 24 hours and Landlord-branded interface gives a premium experience to prospective tenants.
Mason Booth, Owner, Thirdway, “We’re thrilled to work with such a progressive and tech-forward partner as Revantage Real Estate. They saw the edge that our TX platform would give them, and they’ve embraced the technology throughout the customer experience. We couldn’t have wished for a better partner.”
Calum Spence, Senior Asset Manager, Revantage, said: “We see TX as the ideal software platform to allow us to capitalise on the current occupier demand for cost and time efficient.”
Andrew Stanton Executive Editor – moving property and proptech forward. PropTech-X
You May Also Enjoy
What landlords need to know about the upcoming Renters Rights Bill
Buy-to-let investors can benefit from 12% price discounts for unmodernised homes
UK estate agents facing heightened competition as agency numbers up 24%
Homeward Bound
Growth in mortgage and rental spending slows for third consecutive month in May
