France: Coliving operator Outside has announced a strategic partnership with Extendam, Keys REIM, and Stone Capital to fund its growth in Europe.
The partners have jointly signed an agreement to back Outsite’s expansion plan in Europe with a €300 million commitment to secure new properties. Outsite, a coliving and coworking operator, creates properties for digital nomads and remote workers – it currently operates 50 locations across the US, Latin America, Africa, Asia and Europe.
As part of this collaboration, Keys REIM has committed to allocate €25 million euros of equity per year over the next five years to support Outsite in acquiring and converting hotels into Outsite-managed properties. The targeted properties will typically range between 20 and 70 keys, with an expected yield (IRR) of 10 to 15 per cent, depending on the asset.
This strategic partnership will reinforce its European network with each investor opening doors to future opportunities in the European Union with a strong focus on France, Spain, Portugal and Italy.
Keys REIM and Stone Capital have backed Outsite since its first European launch in 2019. This collaboration will empower Outsite to scale up rapidly, with a vision to multiply its current inventory by fourfold, reaching more than 3500 keys within the next five years.
Vincent Ferat, President of Keys REIM, said: “Keys REIM has been a shareholder of Outsite since 2019, and our shared success story continues with this new agreement. We are committed to supporting Outsite’s European growth and focusing on key European gateway cities and Southern Europe leisure destinations.”
Arthur Moreno, co-founder & CEO of Stone Capital, added: “Stone Capital is excited to join forces with Outsite in this transformative stage of growth. We see immense potential in Outsite’s
expansion strategy, and we look forward to continuing to work with them to achieve their ambitious goals in Portugal.”
