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9 October 2017 – Eje Prime
The real estate manager Friendly Rentals has been shopping. The company, owned by the Novasol group since 2016, has absorbed one of its competitors in Cataluña, Apartments Barcelona.
Both companies specialise in the management of tourist rental homes and, according to sources in the sector, the operation will not affect the day to day operations of Apartments Barcelona, which will continue to function as an independent brand, with the same CEO, Eduardo Navarrete, and workforce, according to Expansión. Nevertheless, the union of the company’s offices has not been ruled out.
The company currently owns 370 apartments and expects to generate revenues of €2 million in 2017. Friendly Rentals is led by Pablo Zubicaray, who founded the company thirteen years ago, and invoices more than €10 million per year.
The integration of Apartments Barcelona into the Novasol group will result in an increase in its client base and rental home portfolio in Barcelona, at a time when demand for this type of tourist accommodation is continuing to grow.
Original story: Eje Prime
Translation: Carmel Drake