Portuguese-based serviced apartment hospitality group Ando Living Group has acquired London-based serviced apartment operator City Apartments for an undisclosed price.
City Apartments operates 208 units in the City of London, including a freehold building offering 32 units located at 68 Cannon Street.
Ando Living Group was founded in 2015 and has 2,300 ‘live’ or under development units in Portugal, Turkey, Spain and the UK. The group is targeting a portfolio of 6,000 apartments in seven countries by 2028.
Matt Cookson, CEO of City Apartments, said: “We are delighted to be joining the Ando Living Group. This is undoubtedly a very exciting evolution for City Apartments, our wonderful team, and our valued corporate clients, who will directly benefit from the investment Ando Living Group plans for our apartments, along with plans to further grow our portfolio of buildings.”
Charles Wanecq, co-founder of Ando Living Group, added: “We are thrilled to welcome and integrate the City Apartments team to Ando Living Group. With this acquisition we establish a powerful presence in the UK for our group. We are confident that our expertise and track record in the hospitality sector, combined with City Apartments’ knowhow will drive success for both brands.”
CMS Cameron McKenna, Opus Corporate Finance LLP and Savills advised City Apartments and Ernst & Young, Knights and Allsop advised Ando Living Group.
