Pan-European private equity real estate platform DFI has forward-funded an £80m GDV co-living development in Kingston upon Thames, London, through an off-market transaction.
Viewranks Estates will deliver the 200-bed project, which has full planning permission and Gateway 2 approval, and is located next to Kingston train station.
Construction of the eight storey building is expected to start imminently and once complete it will offer 200 en-suite studios with residents enjoying access to a Masterchef-style kitchen and ground floor co-working spaces, a bar and restaurant, a residents’ lounge, cinema, fitness studio, a communal terrace and a games room.
Francesco Orofino, investment director and head of hospitality at DFI, said: “This is a compelling, off-market opportunity to invest in a high-demand, undersupplied sector that is still evolving in London, under a defensive deal structure. We are working with best-in-class architects, designers and sector experts to create a flexible, branded residential experience that appeals to young professionals through ample amenities, living and working spaces, at rents that offer discount to comparable rental housing. With only circa 7,000 co-living beds in the capital, we are bringing forward a high quality, aspirational asset and one where we see real potential to replicate across the market.”
Gavin Neilan, founding partner at DFI, added: “This latest investment builds on DFI’s strong track record of creating institutional grade living assets across Europe where we focus on assets supported by demand tailwinds, undersupply and operational expertise. This includes Blaekhus, a student accommodation platform comprising circa 1,200 student units, which DFI sold to PATRIZIA in 2022 for €314m, as well as Mylo Living, a Danish flex living platform with a 350-unit asset in Copenhagen.”
DFI was advised by Eversheds, Living for Life, Savills, PwC and Quartz.
