The company was found in 2016 in Brussels and now features about 1,100 rooms in its portfolio spread across Brussels, Paris, Madrid and New York. Cohabs now aims to extend its services to Luxembourg.

“We started small, with a house bought in Brussels by my brother Malik, our friend François Sanym and myself,” explains Youri Dauber, co-founder and CEO of Cohabs. This was followed by a second purchase shortly thereafter and as the houses filled up easily the idea of turning it into a real business took shape. “We have the specificity of owning all the properties we offer for sharing. This avoids conflicts of interest," explains Dauber.

Together with Cohabs, they are responsible for the acquisition and renovation of the properties, as well as the management of the buildings and their filling. “We buy small buildings, from 500 to 2,000m2 approximately, located in cities with a certain depth of market, such as Brussels, Paris, Madrid, New York. We target reasonably priced properties, renovate them and then offer them for rent in the form of shared accommodation.”

Dynamic development

To achieve this, Dauber and his partners do not hesitate to take risks and have made initial purchases with 100% debt. “We sought 70% of the financing from banks and the additional 30% came from subordinated lenders,” explains the young CEO. “This mechanism forces us to have a high yield.” Over time, they changed their approach and have now moved into assets that are no longer 100% depreciated, which has allowed them to enter markets such as Paris or Luxembourg. “A few months ago, we raised €68m. Our priority is therefore to find assets that are suitable for our business,” says the CEO.

With this in mind, a fortnight ago they signed the purchase of a property located at 111A, rue Pierre Kier in Luxembourg-Bonnevoie. “From this property of about 500m2, we hope to be able to make about 13 rooms, which will be completed with common spaces such as a lounge and kitchen, but also a co-working space, a gym, a cinema and a garden,” explains Dauber. For the interior design, Cohabs is working in partnership with architect Lionel Jadot, who is also a shareholder in the company. The project should be inaugurated at the end of this year, if renovation goes as planned.

This story was first published in French on . It has been translated and edited for Delano.