CR Investment Management has entered the co-living sector with the purchase of a minority stake in German specialist The Base for an undisclosed amount.
Following the deal, CR will be The Base’s lead investor, both in terms of amount and shares, with founder and CEO Florian Färber retaining the majority shareholding.
The Base focuses on both urban locations in Germany’s 'Big Seven' cities and European metropolises, with plans to open at least 15 schemes of around 5,000 units over the next five years.
The group’s first project, called The Base Berlin One, is set to open in Berlin next year and the company is currently looking at plots of land in Hamburg, Cologne, Frankfurt am Main and Munich.
The apartments of The Base range from 18 to 25 m2 in size, are fully equipped, with residents gaining access to various common areas, such as a community kitchen, co-working spaces, a cinema, gym, laundry room, game room, meditation room, shared garden and a library.
’Despite the ramifications of the coronavirus pandemic for the temporary housing market, we are convinced that the co-living segment will gain in significance in the long run,’ commented Alexander Lackner, managing director of CR Investment Management. ‘The trend toward flexible working and living formats is actually becoming even more apparent at the moment, and visibly so. The concept of The Base is certainly defined by a clear community focus, and offers attractive and versatile common-part areas. In the present situation with its rigid social distancing regimes, however, the concept of separate, fully functional apartments in combination with the amenities included is demonstrating its long-term viability.’
Florian Färber, founder and CEO of The Base, said: ‘It’s great for us to have found a partner in CR who supports us in our growth phase and who shares our vision of modern living and working. With The Base, we are developing stylish and functional co-living spaces that encourage social interaction and address the threat of lonesomeness in an urban environment. Our objective is to design a community-focused offer that combines smart living, hospitality and the idea of working from home.’
