Co-living operator Built Asset Management has made its fourth competitor acquisition in less than three years, striking a deal to buy rival ProCo-Living.
BAM, which has some 1,500 beds in London, is responsible for operating more than £350m of real estate in the capital.
The latest deal follows the acquisition of Capital Living six months ago and two prior acquisitions – Kingdom Houses and Stanley Rose Houseshares – in 2021 and 2022, respectively.
BAM co-founder and director Alex Gibbs said: “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.”
David Clifton-Burraway, founder and former director of ProCo-Living, said: “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, the acquisition felt like the natural next step forward for both parties.”
ProCo-Living will continue to trade under its own brand.
Send feedback to Akanksha Soni
Follow Estates Gazette
