DoveVivo buys ALTIDO to form “Europe’s largest living operating company”

Europe: Milan-based coliving proptech company DoveVivo 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 more than 2,500 properties and apartments under management in 40 cities across six countries [Italy, Spain, France, Portugal, UK and Scotland].

DoveVivo’s leading shareholder remains DV Holding SpA, a vehicle controlled by the founders, Valerio Fonseca and William Maggio, together with the minority shareholder Tamburi Investment Partners S.p.A.

It follows a recent €50 million capital injection in DoveVivo by US-based private investment firm Starwood Capital Group in January. Global alternative asset management group Tikehau Capital also previously invested in the proptech in 2019.

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

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

The transaction will facilitate ALTIDO’s geographic and business expansion and allow the group to:

  • foster the evolution from coliving to living by expanding the customer base from young professionals and students to multifamily, professionals and corporates;

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

  • provide entry into new markets such as the UK, Scotland and Portugal;

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

ALTIDO’s management team and shareholders of the group, will remain at the helm of the short-term rental operator in the following roles:

  • William Parry – CEO
  • Davide Ravalli – head of sales and M&A
  • Michael Allen – business development
  • Thomas Archer – MD Portugal
  • Goncalo Ribeiro – CIO

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

Valerio Fonseca, founder and CEO of DoveVivo, said: “We are very proud of this industrial and strategic operation which both teams, DoveVivo and ALTIDO, have believed in and worked hard on during 2021. The combination of strong experiences and very complementary know-how in the living area will allow us to become the leading player able to support the management of the residential product and the huge investments planned in this living and short-let 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 short-term let operator in Europe. It has been a pleasure working with the DoveVivo team and with their expertise, support and investment, we are confident we will see strong growth in 2022 and beyond.

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

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

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