NUMA Group has entered into a strategic partnership with LaSalle Investment Management to create a €500 million portfolio of properties in major cities around Western Europe.
The deal is part of LaSalle’s
growing “Value-Add Investments” business line and will target properties in urban
centers, with the companies saying they have already identified a pipeline of
15 assets in the United Kingdom, Spain, Italy and the Netherlands.
The partners will acquire
and refurbish vacant or soon-to-be vacant urban hotels, serviced and extended-stay
apartments and boutique hotels as well as conversion projects from
non-institutional or unbranded owners and owner-operators.
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NUMA Group will then operate
the properties using its tech-enabled system.
“This venture exemplifies
the growing symbiosis between technology and real estate. We are excited to help improve the urban
short stay, long stay hospitality experience alongside a strong tech partner
like NUMA,” says Michael Zerda, head of debt and value-add strategies at
LaSalle.
The companies say the
properties will be equipped with sustainability solutions such as hybrid
ventilation and water recycling systems, with an aim of achieving net-zero
carbon status across the portfolio by 2050.
“Our clear goal is to
establish NUMA as the dominant solution provider for a completely new
generation of hotels and short stay accommodations in Europe,” says Dimitri
Chandogin, president of NUMA Group.
“NUMA's strategic
partnership with LaSalle is another milestone in institutionalizing the
alternative accommodation segment and offering a professional investment
solution for the fragmented European hospitality market, especially for owner
operators.”
Founded in 2019, NUMA
Group raised $45 million in growth financing in February. In June 2021 it
bought Spain-based
Friendly Rentals.