EDITOR'S COMMENT
I have to admit it's something of a relief not to be discussing another big regulation story in these comments this week, so Bob W's new £400 million joint venture [JV] with Osborne+Co Investment Management [OCIM] certainly caught the eye as a sign of surging market confidence and further blurring between real estate asset classes.
JVs are fairly uncommon in the short-term rental segment, as opposed to other verticals, but this partnership will enable Bob W and OCIM to pool their resources together, increase their knowledge, expertise and portfolio expansion, and maximise the performance of under-performing assets. The repurposing of existing hotel and office assets into "high-quality" short-term serviced apartments reflects the strong demand for flexible accommodation, and perhaps also tech-driven hospitality solutions, that meet the evolving needs of travellers, and Bob W and OCIM are well positioned to work together and drive maximum occupancy rates.
The sustainability angle deserves a mention here too. Both OCIM and Bob W appear to share a common goal to reduce the carbon footprint of their portfolio and use sustainable materials and renewable energy - all things that should be commended for the future of the planet and could help to facilitate more investment opportunities in this space.
The company's ambitions are clear for all to see - this year alone, Bob W has raised €40 million in Series B funding and expanded aggressively into new European markets with a portfolio of 3,000+ apartments. Given its extraordinary growth at scale, one wonders if the founders are building up for a sale of their own, as was also the case this week with Poland's Renters.pl buying a majority stake in Bulgaria's Flat Manager.
Don't miss Bob W chief development officer Philip Grace [pictured] in conversation with Matthew Parsons [Etude Agency] and Begum Agca Oktugen [Blueground], as well as more speakers to be confirmed soon, at the Urban Living Festival in London on 18-19 September. View the agenda here, including the session on 'Consolidation and investment prospects in the STR sector', and book your tickets now at this link.
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