Milan-based coliving proptech company DoveVivo has announced the acquisition of ALTIDO, one of the largest short-term rental property management groups in Europe. The transaction, which involves the reinvestment of capital by ALTIDO’s management team in DoveVivo, leads to the creation of what is being called “the largest residential management platform in Europe”. The platform will have more than 2,500 properties and apartments under management in 40 cities across six countries [Italy, Spain, France, Portugal, UK and Scotland]. DoveVivo’s leading shareholder remains DV Holding SpA, a vehicle controlled by the founders, Valerio Fonseca, and William Maggio, together with the minority shareholder Tamburi Investment Partners S.p.A. It follows a recent €50 million capital injection in DoveVivo by US-based private investment firm Starwood Capital Group in January. Global alternative asset management group Tikehau Capital also previously invested in the proptech in 2019. DoveVivo operates a portfolio of more than 10,000 beds in Italy, Spain and France with decades of experience in the medium- and long-term coliving sector, mainly designed for students and young professionals.
ALTIDO, born in 2019 from the merger of four property management companies in Italy, UK, Scotland and Portugal, currently has over 1,000 short-let properties and 700 popup hotel beds under management in over 20 cities. DoveVivo was advised on the transaction by Lazard as financial adviser, by Linklaters as legal adviser, by Wepartner as strategic adviser and by Alberto Picariello as fiscal adviser. ALTIDO was advised on the transaction by PwC as corporate finance adviser, AES & CRCCDLEX as legal adviser, James Cowper Kreston, and Brera Tax.