Danish co-living startup LifeX moves into Belgian market
Danish co-living startup LifeX, currently operating in six European countries, has expanded into the Belgian market with two new property partnerships.
LifeX has secured a partnership with Candor, a Belgian property development company that specialises in residential and hotels. Candor has a great property portfolio and a forward-thinking approach to real estate so their partnership is a natural fit. Working with Candor as a partner made the opportunity to expand to Brussels a clear next step.
Jan Vlaminck, the Director of Asset Management and Development at Candor, says: “At Candor we look constantly at how we can add value to our developments and make them come alive. We believe in a positive attitude and passion for our business, that’s where we encounter LifeX. We are looking forward to welcoming LifeX members to our Brussels co-living spaces.”
With Candor’s scale and LifeX’s innovative concept – they plan to make waves in the Belgian market. LifeX opened its first properties in Brussels in late April 2021. Additionally, LifeX has secured a property deal with the real estate subsidiary of one of Denmark’s leading pension funds. This property in Copenhagen is a significant move forward for LifeX.
LifeX will be an integral part of the design of the property in order to meet their specifications for co-living and sustainability, among other factors. This will be LifeX’s largest single property to date, and their first property purpose built. This is a multi-year project and LifeX looks forward to sharing more details as the project getscloser to completion.
Sune Theodorsen, LifeX’s CEO, adds: “We’ve been focusing hard on developing our concept and our scaling strategy, so we’re excited about these opportunities. LifeX has grown a lot in the past four years, and these partnerships represent a new chapter for us that will increase our growth and help us meet the increasing demand for co-living.”
LifeX will be leveraging their technology, experience, and partnerships as they continue to scale. Another factor driving LifeX’s growth is its previous funding round. LifeX raised six million euros in April 2020 from Founders, a Copenhagen-based startup studio, and Vækstfonden, a Danish Investment fund. The funds were raised to strengthen LifeX’s presence in existing and new markets, fuel product development, and accelerate its expansion. Over the last year, the funds have allowed them to do exactly that; the expansion to Brussels is LifeX’s first new market entry since the Corona pandemic.
Though the pandemic continues, this proptech startup is ready for considered expansion, armed with last year’s learnings to navigate. It may seem counterintuitive to those outside of the co-living industry, but for LifeX the timing is right for thoughtful expansion.
“The Corona pandemic has provided significant amounts of data, sparking difficult conversations about topics like loneliness, the importance of community, and sustainability. We have seen our community come together in a meaningful way over the past year. Though there have been challenges, everything I’ve seen from our team and our members has strengthened my belief in the concept of co-living,” says Sune.
This feeling is also backed by numbers, in a recent survey by their community team, 90 per cent of respondent LifeX members agreed that co-living has made the challenges of lockdowns easier. LifeX operates over 70 properties with their family-style co-living concept. They will continue to build and nurture relationships with their current real estate partners, such as Danish company Kereby, a subsidiary of Blackstone, with whom they are opening three more family-style properties this summer.