DoveVivo buys Altido to form ‘Europe’s largest living operating company’

Europe: DoveVivo, the Milan-based coliving proptech company, has announced the acquisition of ALTIDO, one of the largest short-term rental property management groups in Europe.

The transaction, which involves the reinvestment of capital by ALTIDO’s management team in DoveVivo, leads to the creation of what is being called “the largest residential management platform in Europe”. The platform will have over 2,500 properties and apartments under management in 40 cities across six countries [Italy, Spain, France, Portugal, UK and Scotland].

The main shareholder of DoveVivo remains DV Holding SpA, a vehicle controlled by the founders, Valerio Fonseca and William Maggio, as well as the minority shareholder Tamburi Investment Partners SpA

It follows a recent capital injection of €50 million into DoveVivo by US private investment firm Starwood Capital Group in January. The global alternative asset management group Tikehau Capital has also already invested in proptech in 2019.

DoveVivo operates a portfolio of over 10,000 beds in Italy, Spain and France with decades of experience in the medium to long term coliving sector, primarily designed for students and young professionals.

ALTIDO, born in 2019 from the merger of four property management companies in Italy, the UK, Scotland and Portugal, currently has over 1,000 short-let properties and 700 pop-up hotel beds under management in more than 20 cities.

The operation will facilitate the geographical and commercial expansion of ALTIDO and will enable the group to:

  • promote the evolution of co-living towards living by expanding the clientele of young working people and students to multi-family, professionals and companies;

  • integrate traditional or shared medium-long-term accommodation solutions with a short-term solution for business and leisure travel;

  • provide access to new markets such as the UK, Scotland and Portugal;

  • further strengthen the role of partner of private and institutional owners as well as investors, thanks to a range of products and services ranging from property management to rent-to-rent.

The ALTIDO management team and shareholders of the group will remain at the head of the short-term rental operator in the following roles:

  • William Parry – CEO
  • Davide Ravalli – head of sales and mergers and acquisitions
  • Michael Allen – business development
  • Thomas Archer – MD Portugal
  • Gonçalo Ribeiro – DSI

Meanwhile, Valerio Fonseca and Giulio Limongelli will join the board of directors as ALTIDO advisors, and Anna Casiraghi will assume the role of chairman.

Valerio Fonseca, Founder and CEO of DoveVivo, said: “We are very proud of this industrial and strategic operation in which the two teams, DoveVivo and ALTIDO, have believed and worked hard during 2021. The combination of strong experiences and of very complementary know-how how in the field of housing will allow us to become the benchmark player capable of supporting the management of the residential product and the colossal investments planned in this housing and short-term rental sector.

William Parry, Founder and CEO of ALTIDO, said: “Today’s announcement marks the culmination of many months of hard work and an important next step in ALTIDO’s mission to become the leading rental operator in the short term in Europe. It was a pleasure working with the DoveVivo team and with their expertise, support and investment, we are confident that we will see strong growth in 2022 and beyond.

“When we created ALTIDO in 2019, we anchored a pioneering spirit in our core values. This transaction is further evidence of our willingness and desire to lead the way in this industry; we are delighted that our new partners wholeheartedly share this vision,” he added.

DoveVivo was advised on the transaction by Lazard as financial advisor, by Linklaters as legal advisor, by Wepartner as strategic advisor and by Alberto Picariello as tax advisor.

ALTIDO was advised on the transaction by PwC as corporate finance advisor, AES & CRCCDLEX as legal advisor, James Cowper Kreston and Brera Tax.

Mary I. Bruner