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DFI, the pan-European private equity real estate platform, has forward funded a co-living scheme in Kingston upon Thames. The gross development value is £80 million, approximately €93 million.
The site was acquired through an off-market transaction. London-based developer Viewranks Estates will deliver the project on DFI's behalf, under the forward funding agreement.
A 200-bed scheme next to Kingston station
The site sits beside Kingston Train Station. This puts Central London around 30 minutes away.
Housing supply in the area has failed to keep pace with a steady influx of young professionals and recent graduates.
Demand has strengthened further since Unilever opened its new headquarters campus in Kingston Town Centre earlier this year.
The scheme already holds full planning permission and Gateway 2 approval. This is the Building Safety Regulator sign-off required for high-density residential schemes since post-Grenfell reforms.
Construction on the eight-storey building is set to begin imminently.
It will deliver 200 en-suite studios, with rents inclusive of bills. Residents will have access to a range of amenities, all included in the monthly rent:
- A master-chef style kitchen
- Ground floor co-working space
- A bar and restaurant
- A residents' lounge and cinema
- A fitness studio
- A communal terrace and games room
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What DFI's leadership says
Francesco Orofino, Investment Director and Head of Hospitality at DFI, described it as a compelling off-market opportunity in a high-demand, undersupplied sector.
He noted that London has only around 7,000 co-living beds in total. He said DFI is bringing forward a high-quality, aspirational asset, with real potential to replicate the approach elsewhere in the market.
Part of DFI's wider European living-sector track record
Gavin Neilan, Founding Partner at DFI, said the Kingston deal builds on the firm's track record of creating institutional-grade living assets across Europe.
This includes Blaekhus, a student accommodation platform of around 1,200 units, which DFI sold to PATRIZIA in 2022 for €314 million.
It also includes Mylo Living, a Danish flex living platform with a 350-unit asset in Copenhagen.
DFI manages more than €4 billion in assets, with offices in London, Munich, Madrid and Luxembourg.
The firm was advised on the Kingston transaction by Eversheds, Living for Life, Savills, PwC and Quartz. DFI said it will continue targeting opportunities within close commuting distance of Central London as it expands its co-living platform.
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