Medici Living Group has exited co-living spinoff Quarters through a purchase by Habyt, shortly after shutting the brand’s US operations earlier this year.
Germany-based co-living space provider Habyt has acquired Quarters, a local competitor spun off by co-living space operator Medici Living Group, for an undisclosed amount.
Founded in 2012 as a subsidiary of Medici Living Group, Quarters operates apartments located in cities across Germany and the Netherlands that come with amenities and co-working areas and which can be booked on a flexible basis.
Quarters recently underwent a self-administered restructuring process for its Europe-based operations having filed for bankruptcy in the United States in January this year.
Medici Living and W5 Group, the family office of entrepreneur Ralph Winter, had agreed in January 2019 to invest $300m in the company over three years to support expansion in the US.
Luca Bovone, Habyt’s CEO, said: “Quarters has a very strong and talented team, who has built an impressive community and customer experience – offline and online. Its proprietary tech is unique in our sector – something we look forward to integrating and adopting throughout our group in the upcoming weeks and months.”
