Co-Living Firm Wins $1.1 Billion Investment for Europe Expansion
- Medici raises funds from Corestate to develop 35 properties
- Berlin-based company also plans to grow in U.S. next year
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Medici Living Group, a Berlin-based provider of communal housing for millennials, won a commitment from Corestate Capital Holding SA to invest 1 billion euros ($1.13 billion) over the next five years to fuel European expansion.
The equity and debt investment will go toward the development of 35 co-living properties in countries including Austria, Switzerland, Spain and Poland, according to a statement Wednesday. Corestate will handle the financing and project development while Medici will design and operate the buildings under its Quarters brand.