Node, the global asset management company specialising in build-to-rent and multifamily apartment communities, has taken a significant step towards further growth.
The London-based company, which has projects in the UK, Ireland and North America, says its €300 mln joint venture with Intriva Capital will help expand the platform and real estate portfolio across Western Europe. Targeting both existing buildings and development sites, Node will use the extra firepower to increase its offer in key European gateway cities.
It is also seeking to manage and co-invest in projects with third party owners and developers.
Anil Khera, a former Blackstone Real Estate professional who founded Node in 2016, said in a statement, ‘Raising capital from institutional investors in such uncertain times is a great testament to the Node team and business model we have created over the past four years.’
PropertyEU first tipped that Node was seeking capital partners in an interview with Khera towards the end of 2018. Subscribers can view the article here.
Speaking to this magazine ahead of the new announcement, Khera said the covid-19 crisis was just further proving Node’s market position as a provider of ‘curated living’. Node is described as being a provider of next generation apartment communities that combines traditional multifamily apartments, furnished micro unit studios and two-to-four bedroom co-living apartments in one residential building.
Node residents are typically young professionals, entrepreneurs and freelancers who 'seek community connection' and an all-inclusive rent that includes locally inspired interior designed furniture, wi-fi, utilities, a work-from-home co-working space and assistance with finding a roommate.
New backer, Intriva, is an independent alternative investment manager focussed on special situations as well as distressed investment in private markets in Western Europe. The covid-19 crisis could present special opportunities for Node to make fresh investment as it looks to further build its platform.
David White, a partner at Intriva who joined the company in December 2019, used to work within Deutsche Bank’s real estate special situations unit with which Khera would collaborate while an MD at Blackstone.
White said Intriva was excited to assist Node in the next phase of growth, adding it had the right mix of entrepreneurial spirit and institutional expertise.
Node currently has hundreds of units in locations throughout New York, Los Angeles, Seattle, London, Dublin, and in Canada.
