Be Mate Signs an Agreement with Q Capital for €100 Million to Buy Apartment Buildings

26 March 2018

The company plans to acquire between eight and ten new buildings within three years.

The home rental company Be Mate signed a €100-million collaborative agreement with the investment fund managed by Q Capital to finance its expansion and acquire between eight and ten new buildings over the next three years.

The Sarasola-based company, together with Q Capital, will invest in apartment buildings aimed at medium and long stays for corporate clients.

The agreement, which has already been signed, will allow the apartment-rental company to build “enough momentum” to take on new buildings in the main Spanish cities and in the international regions where Be Mate already operates, the company said in a statement.

“It is undoubtedly a big step in Be Mate’s growth,” said the founder of Room Mate Group, whose tourism rental platform aims in the coming months to exclusively manage buildings within its new business model.

First apartment building

Recently, the company opened its first full apartment building in Madrid, the Plaza de España Skyline by Be Mate. The property has 37 apartments, parking spaces and a 24-hour concierge.

Currently, the platform manages three types of apartments: in online marketing where owners advertise their homes through the Be Mate website, fully managed apartments where the company offers owners to manage the maintenance, cleaning and check-in of customers in addition to marketing the properties) and corporate apartments, aimed exclusively at companies.

Be Mate already has more than 10,000 apartments, 600 of which are managed exclusively. The company is present in twelve regions (eight international) and has revenues of six million euros in 2017. 40% of its clients come from international markets. Recently, Be Mate has seen a twelve-fold increase in rooms sold and a ten-fold rise in revenues.

Original Story: Diário

Translation: Richard Turner