Cosi Group acquires Friendly Rentals to expand its presence in Spain, one of its key target markets
Cosi Group acquires Friendly Rentals
Cosi Group, Germany’s leading provider of short-term rentals using smart technology and driver of the new asset class Commercial Living, today announced the acquisition of Friendly Rentals, the largest provider for short-term rentals in Barcelona with additional properties in Valencia, Seville, and San Sebastian.
Friendly Rentals was previous owned by Novasol A/S, one of Northern Europe’s leading holiday rental groups with over 50,000 properties and part of Awaze Vacation Rentals, Europe’s leading managed vacation rental and resort company. With this transaction, COSI Group acquires 100% of Friendly Rentals at an undisclosed price, with the support of specialised consultancy AJL Atelier.
“Friendly Rentals provides a perfect head start for COSI to develop a leading position in the core markets of Barcelona and Madrid”
A strategic expansion into Spain
The acquisition of Friendly Rentals is a continuation of COSI’s growth strategy, anchored in hotel and commercial properties in central locations of Spain’s major cities.
The company targets lively neighbourhoods and main demand drivers for tourism and business travellers. COSI Iberia had already secured properties in Madrid’s “Plaza de las Cortes” and Barcelona’s iconic Eixample district.
“Friendly Rentals was founded in 2003 and built a dominating position, featuring long standing trusted relationships with local real estate partners. Friendly Rentals is one of the largest players for short-term rentals in Barcelona, which by nature is tough to enter for outsiders organically, due to limited supply and heavy regulation”, explains Christian Gaiser, CEO, and co-founder of COSI Group.
He adds: “Thus, Friendly Rentals provides a perfect head start for COSI to develop a leading position in the core markets of Barcelona and Madrid – two of the Top 10 destinations in Europe.”
One of COSI Group’s properties in Barcelona’s Eixample neighbourhood – courtesy of COSI Group
“The potential of tourist apartments in Spain is far from being maxed out.”
A dominant position and a lot of untapped potential for COSI & Friendly Rentals
“With the acquisition, COSI Group accelerates its access to the Iberian Peninsula as a key market for its European expansion,” states Nicolas Dugerdil, Head of International Expansion at COSI Group. He adds: “Friendly Rentals’ solid track record and local expertise combined with COSI’s cutting edge technology and design capabilities result in powerful synergies that shall deliver superior services for its existing and future hospitality and real estate partners
“A pan-European vision like ours at Awaze brings a strong focus on our core business of vacation rentals. COSI with its urban focus is the perfect new home for Friendly Rentals,” explains John Crosby, Group Chief Operating Officer for Awaze, the company behind some of Europe’s most trusted travel brands, including Hoseasons, cottages.com, Landal GreenParks, and Novasol.
Angela Watson, COO at Friendly Rentals, explains: “Friendly Rentals is very well established in the market. However, the potential of tourist apartments in Spain is far from being maxed out. Significant growth can still be expected here in the future. We are now ideally positioned as part of the COSI Group with its innovative and proven technology platform.”
Advised by vacation rentals specialists AJL Atelier
The transaction was facilitated by AJL Atelier, the vacation rental specialised consultancy. Simon Lehmann and his team accompanied Awaze and Novasol on the transaction to find the best possible home for the leading business that is Friendly Rentals.