Berlin-based co-living service provider Medici Living has appointed Nicolas Dugerdil to spearhead the company’s push into Iberia.
Dugerdil will be based in Barcelona with responsibility for identifying locations in the cities of Madrid, Barcelona and Lisbon. The company aims to add 2,100 beds to its Quarters brand, targeting millennial customers in Spain and Portugal.
Frankfurt-listed Corestate Capital is providing roll-out funding for the venture, with 20% earmarked for the Iberian venture. The companies joined forces in late 2018 to invest €1 bn of equity and debt over the next three to five years. Medici Living currently operates 1,800 rooms and plans to grow its portfolio to 7,300 by 2023.
Unveiling the appointment, Gunther Schmidt, CEO of Medici Living said: ‘We want to become the WeWork of co-living in the coming years. Iberia is another important step on this journey.
‘House prices in both Spain and Portugal have been rising steadily in major cities over the past years, so that affordable housing for young professionals has become scarce. With our Quarters concept, we will be offering just the right community and living space to fill the current supply gap.’
Medici Living also has a similar partnership with W5 Group, the family office of Ralph Winter.
Prior to joining Medici Living, Dugerdil was expansion director for Uterqüe at Inditex Group, with responsibility for managing the fashion brand’s entire real estate portfolio and leading its international development.
