Hmlet, a co-living rental startup based out of Singapore has recently announced that it has agreed to acquire its Hong Kong competitor 'we r urban.'
The deal marks Hmlet’s expansion into the Hong Kong market and is its first acquisition of a direct competitor.
'we r urban’ currently manages a portfolio of 30 co-living spaces, housing 70 members across 15,000 square feet in Hong Kong Island. Following the acquisition, Hmlet plans to more than double the number of members in the city by the end of 2018.
“Hong Kong is a natural next move for Hmlet, and this investment allows us to impact millennials across Hong Kong, allowing them to grow, scale and succeed,” said Yoan Kamalski, CEO and Co-founder at Hmlet. “We are excited to have found an equal who shares our thinking on the importance of space, community, culture, and technology.”
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