UK: Coliving specialist Built Asset Management (BAM) has acquired ProCo-Living, its fourth acquisition is less than three years.
This latest acquisition means BAM is responsible for operating more than £350 million worth of London coliving real estate. It follows the acquisition of competitor Capital Living last year and two prior acquisitions – Kingdom Houses and Stanley Rose Houseshares – in 2021 and 2022.
BAM says ProCo-Living’s shared ethos of providing high-end accommodation options to young professionals in London is aligned to the BAM brand, which operates more than 1,500 rooms across the capital.
Alex Gibbs, co-founder and director of BAM, said: “The coliving sector in London continues to grow rapidly and the demand for high quality, affordable accommodation in the capital has never been stronger. We have been hugely impressed by ProCo-Living’s management team and its focus on maintaining strong relationships with all of its business stakeholders. The acquisition marks the fourth for BAM in under three years and has been a natural fit for our growth strategy in the sector. We are very excited to be adding ProCo-Living’s properties to our existing portfolio.”
David Clifton-Burraway, founder of ProCo-Living, added: “Having operated successfully in London for six years, we felt the time had come to elevate the ProCo-Living brand to the next level with the support of a like-minded company with a solid foothold in the co-living space. BAM was undoubtedly the right fit for us, and with our shared values – namely providing quality and affordability of accommodation for young professionals – the acquisition felt like the natural next step forward for both parties. We’re incredibly excited to see where the acquisition takes the ProCo-Living brand and have no doubt that the upward trajectory of success will continue across the board.”
Founded in 2018, ProCo-Living has a strong focus on sustainability and improving the carbon footprint of London homes – by enabling multiple residents to share the energy output of a single property. Following the acquisition, ProCo-Living will continue to trade under its own brand.
