PROPTECH-X ‘Proptech & Property News’: London-Based Built Asset Management (BAM) Acquires Kingdom Houses

House share specialist Kingdom Houses has been acquired by London-based co-living operator BAM, creating the largest co-living business of its kind in the capital

House share specialist Kingdom Houses has been acquired by London-based co-living operator BAM, creating the largest co-living business of its kind in the capital

London-based co-living operator Built Asset Management (BAM) has acquired houseshare specialist Kingdom Houses for an undisclosed fee.

Kingdom Houses, whose turnover exceeded £3 million in the last financial year, was acquired as part of BAM’s targeted growth strategy within the upmarket co-living sector. BAM will take on the operation of Kingdom Houses’ portfolio of 300+ houseshare units across London, joining BAM’s existing collection of 1,000+ co-living units to create the largest co-living operator of its kind in the capital.

Prior to the acquisition, BAM was already established as one of London’s largest co-living operators, managing over £250 million worth of London real estate. The acquisition represents 30% growth for BAM, with over £325 million worth of co-living real estate now solely under its management.

Commenting on the acquisition, Alex Gibbs, Co-Founder and Director of BAM, said: “This acquisition is an incredibly exciting opportunity to execute the first step in our ambitious growth strategy, following a challenging yet successful couple of years. Kingdom Houses’ ethos, portfolio and tenant base align incredibly well with our own, so the acquisition is a very natural and complementary fit. It has resulted in a 30% increase in size without diluting or changing the high-end nature of our co-living offering.

“I would like to extend huge congratulations to Dawid, Founder of Kingdom Houses, for the fantastic business that he’s built over the past 15 years. Scaling a multi-million pound business in this market is no mean feat and his achievement is impressive. I am very pleased that Dawid will be staying on as Chief Executive Officer to oversee the smooth running of the business.”

Dawid Joubert, Founder and Chief Executive Officer of Kingdom Houses, added:

“After 15 fantastic years working to successfully establish Kingdom Houses as one of the leading houseshare providers in London, Safia Davies (Co-Founder of Kingdom Houses) and I felt it was time to take the company to the next level. In BAM, we saw instant alignment in our values and vision, with a shared ethos – one to improve the quality and availability of co-living housing options for young professionals across the capital – acting as the driving force behind our decision for acquisition.

“BAM has been incredibly successful in its rapid expansion and we have no doubt that it is the perfect partner to take Kingdom Houses to the next level, continuing on the journey that we’ve been proud to be on since the company’s inception in 2006. We very much look forward to working closely with the BAM team to achieve even greater success.”

Commenting on the future of the co-living market, Alex Gibbs concluded: “The co-living sector will continue to see significant demand among London professionals as the country emerges from the pandemic, presenting many opportunities for investors, developers and landlords operating within this asset class.”

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