Corestate has acquired CRM Students for approximately €17m. With 23,000 beds and 145 locations, CRM is by far the largest independent student accommodation management company in the UK, a market offering very attractive growth opportunities. This year, the company anticipates sales at approximately €13m and an EBITDA of approximately €2m.
Corestate acquires CRM from founder Keith White and a group of private investors. CEO Stewart Moore and his management team will continue to lead CRM’s business activities and will play a key role in further developing Corestate’s European platform.
“We are aiming to become Europe’s leading provider for micro-living and student accommodation, a market that is growing dynamically. We are already holding the top position in Germany. By acquiring CRM, we are bringing a prominent international partner on board,” says Dr. Michael Butter, CEO of Corestate. “CRM will become part of our multi-boutique platform, granting us market entry in the UK. Furthermore, the comprehensive expertise in international student accommodation operations will open up additional synergies. Through CRM’s project pipeline, we will gain access to additional investment opportunities in interesting European university cities. By using these opportunities, we want to continue our growth.”
“CRM is a highly professionalised real estate manager in the micro-living segment and maintains a broad and attractive customer base. With their specialised business model, CRM delivers stable, long-term and predictable profit contributions, and perfectly rounds off the sustainable revenue structures of our business model. Already today, clearly above 80% of our revenues are recurrent in nature,” Butter adds.
