Co-Living sector grows with key player making another acquisition

Co-living specialist Built Asset Management has snapped up a fourth rival operator in three years. 

ProCo-Living joins the BAM business portfolio with immediate effect: founded in 2018, ProCo-Living was known for a strong focus on sustainability and improving the carbon footprint of London homes by enabling multiple residents to share the energy output of a single property. 

Following the acquisition, ProCo-Living will continue to trade under its own ProCo-Living brand.

This latest acquisition solidifies BAM’s presence in the growing co-living market as it remains the largest operator of its kind in this niche within London, responsible for operating over £350m worth of units. This follows the acquisition of competitor Capital Living six months ago and two prior acquisitions – Kingdom Houses and Stanley Rose Houseshares – in 2021 and 2022.

BAM’s growth strategy claims to have doubled the business’ revenue in under three years and director Alex Gibbs says: “The co-living sector in London continues to grow rapidly and the demand for high quality, affordable accommodation in the capital has never been stronger. We have been hugely impressed by ProCo-Living’s management team and its focus on maintaining strong relationships with all of its business stakeholders.

“The acquisition marks the fourth for BAM in under three years and has been a natural fit for our growth strategy in the sector. We are very excited to be adding ProCo-Living’s properties to our existing portfolio.”

ProCo-Living’s founder David Clifton-Burraway adds: “Having operated successfully in London for six years, we felt the time had come to elevate the ProCo-Living brand to the next level with the support of a like-minded company with a solid foothold in the co-living space. BAM was undoubtedly the right fit for us, and with our shared values–namely providing quality and affordability of accommodation for young professionals–the acquisition felt like the natural next step forward for both parties.”