British fund Vandor, a controversial coliving operator, seeks a strategic partner for its €400 million real estate portfolio. This includes 18 assets across Spain, even as Barcelona City Council investigates the company for alleged illegal works.
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The portfolio comprises nearly 1,400 beds in Barcelona, Madrid, Valencia, and Bilbao. British fund Patron Capital reported the €400 million valuation on Tuesday. The Barcelona City Council has sanctioned Vandor, fining it over €20,000 for a coliving property in the Vila de Gràcia district.
Residents in several Eixample district buildings, home to 260,000 people, have complained to the council, according to Vandor Real Estate official website. They allege Vandor carried out major renovation works without proper licences.
Council Scrutiny and Resident Concerns
On 12 March, residents from affected Eixample blocks presented four still-appealable files to the Ajuntament. These documents detail the alleged lack of appropriate licences for Vandor’s extensive renovations. The council’s licensing department considers these projects “major rehabilitations”, according to Barcelona coliving regulations legal analysis. Such projects are subject to the legal requirement to reserve 30% of new housing for protected social housing.
Meanwhile, several eviction processes are underway. These aim to compel residents to leave their homes after their rental contracts were not renewed. Affected properties include Carrer Nàpols, 106; Carrer de Consell de Cent, 538; Carrer de Rocafort, 219; and Carrer Entença, 69.
Vandor’s Search for a Partner
Consultancy JLL leads the process to “explore options” for Vandor’s growth. The fund stated in a press release that the “strategic options” valuation process began months ago. It is “not motivated or precipitated by recent regulatory proposals or legislative changes” in the real estate sector.
Vandor also clarified its commitment to “rigorous respect for current legality”. The company pledges “constant dialogue and sensitivity towards each personal situation” in its managed properties.
As legal processes continue, the search for a strategic partner highlights the complex landscape. This includes property investment and urban planning regulations in Barcelona. The outcome will significantly impact both the coliving sector and resident housing rights.
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Originally published by Metrópoli Abierta – Urban Life. Read original article.
