We are pleased to announce the acquisition of Chez Nestor,the leading coliving company in France!
Chez Nestor
The company was born in 2012 in Lyon from the idea of Hubert Dubois and Louis Bonduelle with the aim of helping young students and workers to easily find an all-inclusive housing proposal.
Since 2016, the company progressively develops its portfolio reaching 1,300 rooms in 6 cities: Lyon (where the headquarter is located), Paris, Montpellier, Bordeaux, Toulouse and Lille. Chez Nestor's 40 employees are in charge of renovating, furnishing, designing spaces in the heart of cities to offer ready-to-live shared accommodation, with a strong digital experience.
Chez Nestor's mission is to offer urban nomads a living experience similar to their lifestyle. A few clicks to book a room from anywhere in the world, the ability to check in 24/7, an all-inclusive and stress-free service, aesthetically pleasing and comfortable spaces to feel at home and meet other colivers.
The new business model
The recent acquisition is part of the new industrial plan (business plan) launched by our Group a few months ago, which envisages the evolution of the business model from coliving only to living through the expansion of the offer and target.
In fact, the company addresses not only young students and workers but also multifamily, professionals and companies. The offer includes, in addition to traditional housing solutions or shared medium-long term, also short term accommodations for both business and leisure.
The new proposal will allow the group to further strengthen its role as a reliable partner for private owners, institutions and large investors looking for a complete manager for various real estate assets.
The pillars of this evolution were, on the one hand, the entry of the American real estate fund Starwood in the capital of the Group and, on the other hand, the acquisition of ALTIDO, a real estate player in the hospitality sector which today has over 1,000 properties under management and 700 beds in more than 20 cities on the European stage.
The recent transactions will create a unique residential management platform in Europe with 350 employees, 2,500 properties, 13,000 beds in 40 destinations in 6 European countries (Italy, Spain, France, England, Scotland and Portugal).
The voices of the protagonists
Valerio Fonseca, Founder and CEO of DoveVivo, says: "Chez Nestor has done an extraordinary job over the years and has created a reality with a highly recognized brand through a team of professionals and passionate talents". He adds, "We are very proud of this strategic operation that helps the Group consolidate its leading position in the French market. The combination of the strong competencies of our strategic partners, Starwood Capital, Tikehau Capital and Tamburi Investment Partners, will allow us to become a major player in the residential product and support the huge investments planned in this sector".
Valerio Fonseca's thoughts are confirmed by the words of Axelle Baillet, Country Director of DoveVivo France: "Working with the Chez Nestor team is a great opportunity for us that will propel us towards ambitious numbers and allow us to manage 2,500 units by the end of the year. I am sure that the French market and the world of institutional investors will respond very positively to our proposal, which is now even more competitive and complete".
Louis Bonduelle, Founder and CEO of Chez Nestor also emphasizes "Chez Nestor and DoveVivo have an extremely similar history and DNA, driven by a strong entrepreneurial vision and solid growth. We share the same values and ambitions. This merger, full of synergies at all levels, will open new horizons of development. I would like to warmly thank the Chez Nestor and DoveVivo teams who have worked with great commitment in this project".
