Goldman Sachs Closes Urban Campus Deal, Chords Wins Planning, Bristol Breaks Ground & More

A. Goldman Sachs Asset Management closes Urban Campus acquisition with €600m European expansion mandate

• Goldman Sachs Asset Management finalised the acquisition of French and Spanish coliving operator Urban Campus (deal closed end-2025, announced March 2026)

• €600m mandate to build pan-European coliving platform across France, Spain, Portugal and other major cities

• Urban Campus currently manages approximately €350m AuM; platform to scale significantly beyond current base

• Core markets: Spain (Madrid operations in Atocha, Avenida América, Aravaca; expansion to Valencia, Málaga); France (Lille metro with Saint So and La Maillerie; new projects in Ivry-sur-Seine, Île-de-France)

• Portfolio spans coliving, flex living, Build to Rent, and affordable multifamily; technology-enabled operations with smart building systems and resident apps

• Sustainability integration includes energy-efficient upgrades and locally certified/recycled materials

Why it matters: This marks one of the largest dedicated coliving platform capitalisations in Europe, signalling institutional acceptance of the asset class at scale. Goldman's backing provides validation for the operational model and confirms that debt and equity markets view professionally managed shared living as a distinct, investable residential sub-sector. The pan-European strategy also reflects growing investor appetite to aggregate fragmented markets under single operating platforms.

B. HUB secures planning for 695-unit Chords coliving scheme in Elephant and Castle

• London Borough of Southwark approved HUB's Chords mixed-use scheme on a 1,2-acre site, marking the final piece of the decade-long Elephant Park regeneration

• Designed by Allford Hall Monaghan Morris (AHMM): 695 coliving homes across three buildings, plus 20 three-bed social rent units

• NHS health centre across ground and first floors; landscaped podium courtyard with children's play area and two rooftop terraces

• Landscape by Gillespies achieves 128% biodiversity net gain; 12 public engagement events reaching 5.700 households informed final application

• Elephant and Castle station five-minute walk (Thameslink, Bakerloo, Northern lines); proximity to UAL London College of Communication and London South Bank University

• HUB's largest coliving approval to date

Why it matters: Approval demonstrates local authority confidence in coliving as core component of mixed-use regeneration, particularly within established BTR-heavy neighbourhoods. The scale (695 units) and integration of affordable housing and community infrastructure (NHS centre) signal coliving's evolution from fringe product to mainstream planning tool addressing housing delivery targets and place-making objectives simultaneously.

C. Hadley Property Group wins consent for 2,324-home GSK House transformation including 296 coliving units

• Planning approved 6 March 2026 for former GlaxoSmithKline headquarters redevelopment in Brentford, west London (acquired November 2023)

• 13-acre site: 2.324 homes (296 coliving, 227 social rent, 90 intermediate, plus PBSA), alongside 330.000 ft² commercial space

• Designed by Haworth Tompkins; reuse-first strategy retains basement, substructure and original tower, saving 34.500+ tonnes embodied carbon

• Phase one: 761 homes (612 private, 116 social rent, 33 intermediate), 506 PBSA beds, 296 coliving rooms, plus NHS GP surgery, nursery, innovation hub with University of West London

• 1.49 hectares new public realm; connections to Boston Manor Park, River Brent, Brentford High Street

• Awaits final sign-off from the Mayor of London; part of the wider Golden Mile London regeneration promoted at MIPIM 2026

Why it matters: The consent showcases coliving's role within large-scale brownfield transformation and climate-conscious development strategies. Retention of existing structure to save embodied carbon positions coliving within ESG-focused institutional mandates. Hounslow's promotion of the scheme at MIPIM alongside Golden Mile London branding underscores local government recognition of mixed-tenure, mixed-use models as economic growth levers.

D. bamco data reveals 29% of London coliving move-ins now concentrated in July-August

• Analysis of 2025 tenant data shows July accounted for 15% of annual move-ins, August 14%, versus a near-even pre-pandemic distribution

• The July-September period represented nearly 40% of yearly activity; January just 4%

• Shift attributed to synchronisation of career transitions, academic schedules, and potential legacy effect from post-lockdown urban return patterns

• Co-founder Alex Gibbs: seasonality creating upward rent pressure in peak summer months, downward pressure in winter as supply-demand rebalances

• Operational implications: potential shift of maintenance/refurbishment to quieter winter periods; emergence of clearer dynamic pricing strategies

Why it matters: Pronounced seasonality introduces new revenue management and operational planning complexity for coliving operators, diverging from traditional BTR's more stable monthly patterns. If the trend persists or intensifies, it may necessitate flexible lease structures, occupancy guarantees, or cross-subsidisation models. It also raises questions about whether coliving's target demographic (young professionals, career transitioners) exhibits fundamentally different mobility patterns than longer-term BTR tenants.

E. KKR and Puma Property Finance launch £500m living sector debt joint venture

• Three-year partnership to provide senior development and stabilisation loans for UK residential, BTR, and student accommodation

• Loan size: £20m - £75m per transaction; Puma's development lending team sources, underwrites, and manages deals

• Backed by major international bank; targets experienced developers on high-quality projects in constrained markets

• Combines Puma's UK real estate lending expertise with KKR's global credit platform and structuring capabilities

Why it matters: The partnership addresses persistent development finance gap in the UK living sectors, particularly as traditional bank lenders remain cautious post-2022 rate rises. KKR's participation signals institutional credit markets view living sector development as attractive risk-adjusted opportunity. The £20m - £75m ticket size targets mid-market gap between smaller specialist lenders and large construction facilities, potentially accelerating delivery of schemes stalled by funding constraints.

F. Re:shape seeks £200m institutional partner for 1.554-unit London coliving pipeline

• Developer-operator marketing Project Haven joint venture via Savills: four London sites totalling 1,554 units

• Sites: London Fields (222 units), Woolwich (425 units), Wimbledon (520 units), Homerton (387 units)

• Separately secured planning for 386-unit Salford coliving scheme (22 storeys, 20% affordable, River Irwell frontage); originally 426 units, density reduced post-council engagement

• Salford scheme, designed by Buttress with Planit landscape design, represents "third-generation coliving product" expansion beyond London

Why it matters: Re:shape's institutional capital raise at this scale reflects confidence in London coliving fundamentals despite broader residential market headwinds. The geographic expansion to Salford (and the willingness to reduce density to secure consent) indicates that operators are learning from early-generation planning resistance and adapting the product to regional market expectations. The success of the fundraiser will signal whether institutional investors view coliving pipelines as sufficiently de-risked for forward-funding models.

G. ARK Living converts 195-room Mama Shelter Shoreditch hotel to coliving, opening July 2026

• Mama Shelter London Shoreditch (part of Accor/Ennismore, owned by Crosstree) closed on 1 February 2026 after six years

• ARK Living rebranding site; scheduled July 2026 reopening as coliving scheme

• Amenities include coworking, gym, cinema room, communal kitchen, members space, wellness studio, karaoke, events programming

• Located in Shoreditch, East London; 20-minute commute to City, proximity to Spitalfields Market and Victoria Park

• ARK also operates 300-room Wembley property (originally designed as aparthotel); co-founder Jermaine Browne expects platform to expand as "demand for community-led living grows"

Why it matters: Adaptive reuse of struggling hotel assets into coliving demonstrates sector's ability to absorb distressed hospitality stock, particularly in high-footfall urban locations where hotel economics have deteriorated post-pandemic. The conversion speed (February closure to July opening) suggests relatively light physical works required, improving scheme viability. If hospitality-to-coliving conversions proliferate, it could provide near-term unit supply without lengthy planning processes.

H. RG Group commences construction on 150-unit St James House Bristol coliving scheme

• RG Group began work March 2026 for Olympian Homes and Cain following Gateway 2 approval February 2026

• 150 coliving units plus 442 PBSA beds in 28-storey and 18-storey towers; designed by Hodder & Partners

• Planning granted March 2025; site acquired October 2024; demolition and replacement of Premier Inn Haymarket and NCP car park Rupert Street

• Communal roof terraces, lounges, gyms, cinema rooms, coworking space; 2.150 m² public realm with kiosk, café, new park and plaza connecting to St James' Park

• Located near the University of Bristol main campus, Temple Quarter Enterprise Campus, and Bristol Temple Meads station; completion targeted 2028/2029 academic year

Why it matters: Bristol's first major coliving scheme underscores sector's geographic diffusion beyond London as regional cities with strong university and professional employment bases become targets. The mixed PBSA-coliving model (442 PBSA, 150 coliving) allows developers to capture year-round demand from both student and young professional cohorts, potentially improving annualised occupancy versus PBSA-only schemes subject to academic calendar voids.

bamco (UK)

• Released 2025 tenant data showing 29% of move-ins concentrated in July-August versus even pre-pandemic distribution

• Acquired competitor West London Homes June 2025 (10% portfolio growth)

• Positioning: Data-driven operator identifying seasonality trends and pricing dynamics to inform revenue management

ARK Living (UK)

• Converting 195-room Mama Shelter Shoreditch hotel to coliving (July 2026 opening)

• Also operates 300-room Wembley property (former aparthotel)

• Co-founder Jermaine Browne: "Platform expected to continue expanding over coming years as demand for community-led living grows"

• Positioning: Adaptive reuse specialist targeting distressed hospitality assets in high-footfall urban locations

HUB (UK)

• Secured planning for 695-unit Chords scheme in Elephant and Castle (largest coliving approval to date)

• Managing Director Damien Sharkey: Consent "sends clear signal of confidence in innovative, community-focused rental living"

• Positioning: Mixed-use developer integrating coliving into large-scale regeneration frameworks with affordable housing and community infrastructure

Re:shape (UK)

• Marketing £200m JV fundraise (Project Haven) for 1.554-unit London pipeline via Savills

• Secured 386-unit Salford planning consent (reduced from 426 units post-council engagement)

• Co-founder Jermaine Browne: Salford represents "next chapter in growth" with "third-generation coliving product"

• Positioning: Developer-operator scaling institutionally backed pipeline while expanding geographically beyond London

Urban Campus (France, Spain) → now Goldman Sachs Asset Management platform

• Acquired by Goldman Sachs with €600m expansion mandate

• Current operations: Madrid (Atocha, Avenida América, Aravaca), Lille metro (Saint So, La Maillerie), Île-de-France (Ivry-sur-Seine)

• Pipeline: Valencia, Málaga (Spain); Portugal; other major European cities

• Positioning: Institutionally backed pan-European platform combining coliving, flex living, BTR, affordable multifamily with technology-enabled operations

Cohabs (Belgium, international)

• Launched 17-bed Repubblica 7 scheme in Milano, Italy (vacant residential conversion)

• Amenities include patio with olive tree, terrace, gym, cinema

• 2022 backing from Ivanhoé Cambridge, Belfius Insurance, SFPIM Real Estate; founders and AG Real Estate, Alphastone remain involved

• Positioning: Boutique coliving developer targeting European cities with low supply, high demand

Pocket Living (UK)

• Launched Together coliving concept: large homes with ensuite bedrooms, individual leases, shared living/cooking/dining spaces

• Secured planning for first 150-bed scheme in Lambeth; pipeline of additional sites identified

• CEO Paul Rickard: Concept addresses "housing crisis and rise in loneliness" for key workers and young professionals

• Positioning: Affordable housing specialist expanding into coliving to provide open-market rental alternative for target demographic

Coliwoo (Singapore)

• Marketing S$218,5m portfolio (seven properties, coliving/PBSA/serviced/hotel mix) via Cushman & Wakefield

• Posted 75,1% net profit decline H2 FY2025 (S$5.7m vs S$22,9m year-ago)

• Entered JV with Macritchie Developments November 2025 for Rehau Building acquisition; launched Old Bukit Timah Fire Station coliving August 2025

• Positioning: Operator seeking capital recycling amid profitability pressures; focusing on operational assets with immediate cash flow
  

A. Institutional capital scaling coliving platforms through acquisition and forward-funding

• Goldman Sachs €600m Urban Campus mandate largest dedicated European coliving capitalisation to date

• KKR-Puma £500m debt JV addresses development finance gap; Re:shape seeking £200m equity partner for London pipeline

• Savills Investor Survey: 50% of respondents prioritise coliving (up from 42% average across 2023-2025 surveys); 58% prefer direct investment or JVs, 23% prefer funds (up from 8% in 2025)

• Constraint: Fundraising remains challenging (per Savills), with value-add and core-plus strategies seen as easiest; suggests coliving still viewed as requiring active management versus passive core strategies

B. Adaptive reuse accelerating as delivery pathway, particularly hospitality conversions

• ARK Living converting 195-room Mama Shelter Shoreditch (February closure to July opening suggests light physical works)

• BARE Capital repurposing vacant Chorley nightclub (empty five years) into 14-bed scheme with ground-floor commercial

• GSK House Brentford reuse strategy saves 34.500+ tonnes embodied carbon by retaining basement, substructure, tower

• Tellon Capital marketing Sheffield 50 High Street scheme (vacant department store upper floors) for £7m after securing consent for 184 bedspaces

• Trend driven by: faster planning approval timelines versus new-build, lower embodied carbon aligning with ESG mandates, availability of distressed hospitality and retail stock post-pandemic

• Constraint: Stock condition and conversion cost variability; planning use-class restrictions in some jurisdictions

C. Seasonality emerging as an operational and revenue management factor in London coliving

• bamco data: 29% of 2025 move-ins in July-August (15% and 14% respectively) versus 4% in January

• July-September accounts for 40% of annual activity; contrast with pre-pandemic even distribution

• Attributed to career transitions, academic schedules, potential post-lockdown urban return legacy effect synchronising rental cycles

• Operational implications: maintenance/refurbishment shifting to quieter winter periods; dynamic pricing strategies required; potential for occupancy guarantees or cross-subsidisation models

• Constraint: If trend intensifies, may compress the effective letting window and increase vacancy risk in off-peak months, requiring flexible lease structures or hybrid hotel-residential models

D. Geographic expansion beyond London accelerating as regional cities prove demand

• Bristol: St James House 150 units + 442 PBSA (construction commenced)

• Salford: Re:shape 386 units (planning secured)

• Milano: Cohabs 17-bed Repubblica 7 opened

• Seville: Grupo Vive marketing off-market coliving/senior living conversion opportunity

• Trend driven by: London planning constraints and land costs; regional cities offering strong university/professional employment bases; lower competitive intensity

• Constraint: Regional demand is less tested at scale versus London; occupancy and pricing benchmarks immature; requires local market knowledge and operational presence

E. Mixed-use integration is becoming a planning prerequisite, particularly for affordable housing and community infrastructure

• HUB Chords: 695 coliving + 20 social rent three-beds + NHS health centre + 128% biodiversity net gain

• GSK House: 296 coliving + 227 social rent + 90 intermediate + PBSA + NHS GP surgery + nursery + innovation hub

• St James House Bristol: 150 coliving + 442 PBSA + 2.150 m² public realm with café, park, plaza

• Trend reflects: local authorities using Section 106 and planning gain to extract public benefit from large-scale residential schemes; coliving developers accepting mixed-tenure models to secure consent

• Constraint: Affordable housing and infrastructure obligations increase development cost and complexity; may compress returns unless offset by density uplifts or public subsidy

F. Technology and operational infrastructure professionalising as sector scales

• VerbaFlo raises $7m (Pi Labs-led) for conversational AI platform supporting 200.000+ units globally, adding 30.000 units/month; customers include Homes for Students, Moda Living, Fusion Students

• Urban Campus (Goldman Sachs platform) incorporates smart building technology, resident apps, sustainability tracking

• Avalon Partners consultancy launches (Angela Higgins, Amanda Rennie, Robin Matthews) focused on design, strategy, repositioning

• Colby River appoints Jackie Robinson as MD of property management (formerly Knight Dragon, Get Living); manages 5.000+ units

• Trend: operators investing in tech to reduce cost-to-serve, improve resident experience, generate data for revenue management; specialist service providers emerging

• Constraint: Tech adoption requires upfront capex and integration with legacy systems; ROI clearest at scale (200+ units), disadvantaging smaller operators

G. PBSA-coliving hybrid models proliferating to smooth occupancy and capture year-round demand

• St James House Bristol: 150 coliving + 442 PBSA in same development

• GSK House Brentford: 296 coliving + PBSA + affordable housing in mixed scheme

• iQ Longwood Place Coventry: 1.078 PBSA + 131 coliving (phase two spring 2026 completion)

• Trend driven by: desire to reduce academic calendar vacancy risk; ability to target both student and young professional cohorts; planning authorities favouring mixed-use over single-use schemes

• Constraint: Operational complexity managing two distinct resident cohorts with different lease structures, amenity expectations, and regulatory frameworks (PBSA often subject to specific planning conditions); potential for community friction if not carefully managed

ARK Living Shoreditch Opening - July 2026

• 195-room former Mama Shelter hotel conversion to coliving in Shoreditch, East London

• Watch for: occupancy ramp-up speed and pricing strategy post-conversion; whether hospitality-to-coliving model proves replicable at scale

iQ Longwood Place Coventry Phase Two Completion - Spring 2026

• Completes 131 coliving rooms alongside 1,078 PBSA beds (phase one delivered August 2025)

• McLaren Construction achieved 45/45 Considerate Constructors Scheme score on final inspection; BREEAM Excellent rating

• Watch for: how mixed PBSA-coliving model performs operationally and financially versus single-use schemes

St James House Bristol Completion - 2028/2029 Academic Year (Target)

• 150 coliving + 442 PBSA, city centre location near University of Bristol

• Construction commenced March 2026 (RG Group for Olympian Homes/Cain)

• Watch for: Bristol's first major coliving scheme; demand validation in regional UK city; pricing and occupancy benchmarks relative to London

GSK House Brentford Phase One - Date TBC (Awaiting Mayor of London Final Approval)

• 761 homes (296 coliving, 506 PBSA, 612 private, 116 social rent, 33 intermediate) plus 1,49 hectares public realm

• Part of Golden Mile London regeneration; planning approved March 2026

• Watch for: final mayoral sign-off timing; whether large-scale mixed-tenure model secures institutional funding; phasing strategy and pre-letting activity

Re:shape Project Haven Fundraise - Ongoing

• £200m institutional equity sought for 1.554-unit London pipeline (London Fields 222, Woolwich 425, Wimbledon 520, Homerton 387)

• Savills advising

• Watch for: whether forward-funding or development JV structure emerges; pricing and return expectations; signals on institutional appetite for London coliving pipeline risk

Coliwoo Singapore Portfolio Sale - Ongoing

• S$218,5m asking for seven properties (coliving/PBSA/serviced/hotel mix)

• Cushman & Wakefield marketing

• Watch for: buyer profile (institutional vs private equity vs operator); whether sale-and-leaseback structure preferred; pricing relative to Singapore residential investment benchmarks

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