Singapore-based co-living firm Hmlet announced on Monday that it has taken over Australian co-living operator Caper Co-living. Hmlet has yet to disclose how much the company was purchased for. This move comes only three months after Hmlet raised $6.5 million in a Series A funding round led by Sequoia India.
Following the transaction, Hmlet intends to launch in March a pair of suburban Sydney properties acquired through the deal, as the first in a series of locations it will launch in the New South Wales capital over the next few months.
Plans are also underway to expand to Melbourne and Brisbane, according to the company’s press release, with a goal of expanding the company’s portfolio of shared space apartments to 2,400 beds by the end of 2019.
“With the growing demand for more flexible, community-based options of living in urban cities such as Sydney, Australia felt like the next natural move for us,” Hmlet CEO and Co-Founder Yoan Kamalski said in a statement.
Of the two properties included in the deal, one is a facility at 601 King Street property in the Sydney suburb of Newtown, which is designed to accommodate 20 members and offers co-working, communal living, and kitchen spaces, as well as a rooftop terrace. The second property is a six-level asset in Marrickville which will house 70 residents, and was completed in January 2019. The Marrickville residence covers more than 2,400 square metres of net leasable area and includes a garden terrace and outdoor kitchen with views of Sydney’s central business district.
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