Co-living operator takes over former Collective sites

Co-living provider Vonder has taken over a portfolio of central London properties from The Collective. The Dome portfolio comprises five properties with 111 studios in Notting Hill, Hyde Park and Sloane Square. The properties were some of the first for The Collective after its launch in 2012. Founder Reza Merchant took out a £1.8m bridging loan secured against his family home to fund the first acquisitions. Merchant had a vision to grow the company to 100,000 co-living beds globally by 2025. But high levels of debt and a loss of income during the pandemic saw the company fall into administration last year. The 1,623 operational homes have been divided, with creditors Deutsche Bank and GCP Asset Backed Income Fund taking over the largest schemes, bringing in Scape to manage the assets. The smaller central London sites will now be brought under the Vonder platform, alongside the 313-bed Vonder Wembley. Tomer Bercoviz, chief executive and co-founder of Vonder, said: “As momentum builds in London again, it is important people have comfortable, inspiring and hassle-free living spaces to come home to.” To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © Vonder