France: Development and construction giant Bouygues Immobilier has formed a JV with US investment manager Ares to launch the Nomo coliving brand.
The platform will develop, acquire and operate managed buildings aimed at 25 to 40 year olds. Nomo will open its first site in Bordeaux at the end of 2023 and has a target of 10,000 beds across France by 2030.
It will offer “rental housing solutions combining design, modularity and ease of access, while promoting shared housing”, according to the partners.
Nomo developments will be built using modular construction techniques and will feature ESG measures including the promotion of urban agriculture; greening of facades to fight against urban heat islands; the recovery of 50 per cent of construction waste excluding earthworks; the implementation of a zero-plastic approach; and raising awareness to limit residents’ water and electricity consumption.
“Coliving has in recent years brought a breath of fresh air to the way managed real estate should be designed and developed. Designed around the user, through a design and experiential approach, where digital provides the service layer to simplify access to housing and facilitate human relations,” said Augustin Rousseau, managing director of NOMO.
Quentin Orion, managing director of Ares Management, said: “We are delighted to partner with Bouygues Immobilier to launch this initiative. Residential is a strategic asset class for Ares Management and we are convinced of the attractiveness of coliving. With more than 1,500 beds already secured and a common vision for the operation, this joint venture will allow us to be at the forefront of this booming sector.”
Nomo is the second major coliving play for Ares, which committed up to €1 billion to fund the European expansion of French coliving brand Colonies.
