OakNorth has completed a c. €91.6m loan to Staycity Group which is looking to triple in size over the next five years.
Staycity, founded in Dublin in 2004, has two aparthotel brands – Staycity Aparthotels and the lifestyle brand Wilde. The group currently operates 6,000 keys across 36 aparthotels in France, Germany, Ireland, Italy, and the UK. Staycity recently announced the acquisition of a 74.9% stake in the Munich-based Felix Group, giving it properties in Leipzig, Dresden, and another site under construction in Vienna. This year it will open Wilde’s in Amsterdam, Cambridge, Lisbon, Porto, and Vienna with further London locations, a site in Bordeaux, and another in Oxford under development. Expansion of Staycity Aparthotels includes the recent addition of 124 apartments in Dalston, East London and the acquisition of a 98-apartment site in the centre of Belfast.
Over the past 12 months, the business has strengthened its senior executive team with several key hires including Andrew Fowler as its chief development officer, as well as the consolidation of its acquisitions team, increasing its presence in northern, southern and eastern Europe.
Tom Walsh, CEO and co-founder of Staycity Group, commented: “Staycity has been operating for 20 years and throughout that time, we’ve expanded and developed as an organization but always remained focussed on ensuring our customers have a great experience with us. OakNorth has played a pivotal role in our journey over the past five years, helping us accelerate our growth considerably. We’re hugely grateful for OakNorth’s support and the partnership we’ve built.”
Deepesh Thakrar, senior director of debt finance at OakNorth added: “Staycity is one of OakNorth’s most notable success stories – since its initial financing from us in 2020, it has undergone remarkable growth. Its rigorous site selection and closely managed acquisition pipeline have helped it grow profitability at both site level and group level. We very much look forward to seeing Staycity’s continued growth and success.”
Image Source - Pexels.
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