Madrid-headquartered holiday rental apartment business Be Mate has inked a €100 mln deal with investment fund manager Q Capital to finance its expansion and acquire eight to 10 new properties across Spain and internationally.
Established by hotel entreprenuer Kike Sarasola, Be Mate will work with the fund managed by Q Capital to acquire flats for medium- to long- term stays for corporate clients, initially over the next three years.
The partnership will target assets in the main Spanish cities and in the overseas territories where Be Mate already operates. At the moment, the platform has around 10,000 apartments, 600 of which are managed exclusively, located in Spain, the Netherlands, Italy, France, Turkey, the UK and the US.
The company recently launched its first entirely managed apartment tower in Madrid, the Plaza España Skyline (pictured), with 37 completely refurbished apartments, parking and a 24-hour concierge.
As well as fully managing its own apartments aimed at tourists and business travellers, the platform also advertises holiday rentals on behalf of private owners. It recorded revenues of €6 mln in 2017.
