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A real estate investment fund believes it has the future of housing for renters in markets with sky high home prices.
Investment firm DTZ Investors and co-living developer The Collective have launched their fund to raise around C$1 billion (£650m) for multiple projects in London, UK.
The fund hopes that the co-living niche will become mainstream as more single people seek affordable options; the developments will offer small rooms or apartments with shared amenities and target young professionals.
While the actual space provided may be smaller than a typical studio or one bedroom apartment, the burgeoning sector offers something more important to these tenants than space.
“We are very focused on the quality of the space we design, and by sharing, you get access to so much more,” The Collective’s CEO Reza Merchant told Bloomberg. “The company runs events designed to combat loneliness and bring people together, while its buildings have amenities ranging from cinemas, libraries, spas and, in the case of the Collective’s Canary Wharf site, a rooftop swimming pool.”
He added that while financial return is important, the business also wants to have a social impact.
15 Oct 2019