Spain / Germany: based in Berlin COSI Group, a technology provider in the short-term rental industry and the driving force behind the new ‘commercial life’ asset class, has announced the acquisition of Friendly Rentals, the world’s largest provider for short term rentals in Barcelona with additional properties in Valencia, Seville and San Sebastian.
In a transaction supported by an in-store consulting firm AJL Workshop, COSI Group acquired 100% of Friendly Rentals from Novasol A / S, one of the leading holiday rental groups in Northern Europe with a portfolio of over 50,000 properties, and part of the rental company vacation and resort, Marvel.
The acquisition of Friendly Rentals marks the continuation of COSI’s growth strategy and the acceleration of its expansion in the Iberian Peninsula.
By focusing on hotel and commercial properties located in the center of major Spanish cities, COSI targets âlively neighborhoods and key drivers of demandâ for business and leisure travelers. COSI Iberia has already secured properties in Plaza de las Cortes in Madrid and in Barcelona’s iconic Eixample district.
Christian Gaiser, CEO and Co-Founder of COSI Group, said: âFriendly Rentals was founded in 2003 and has gained a dominant position through long-standing relationships of trust with local real estate partners. Friendly Rentals is one of the biggest players in short term rentals in Barcelona which by nature is difficult for foreigners to grasp organically due to the limited supply and strict regulations.
“Thus, Friendly Rentals offers COSI a perfect head start to develop a leading position in the main markets of Barcelona and Madrid, two of the top ten destinations in Europe,” he added.
Nicolas Dugerdil, Head of International Expansion of the COSI Group, said: âWith this acquisition, the COSI Group is accelerating its access to the Iberian Peninsula as a key market for its European expansion. Friendly Rentals’ strong track record and local expertise, combined with COSI’s cutting edge technology and design capabilities, results in powerful synergies that will provide top quality services to its existing and future hotel and property partners.
John Crosby, COO of the Awaze Group, said: âA pan-European vision like ours at Awaze places a strong emphasis on our core business, vacation rental. COSI with its urban orientation is the perfect new home for Friendly Rentals.