Real Estate & Lodging

Deal-led

Deal volume is doing the work while venture money holds steady: integration and synergy programmes are the main opportunity.

M&A deals

+100%›

60 in the last 3 months vs 30

Venture capital

−11%›

€240m in the last 2 quarters

Public mandates

–›

too few to read

Capital pressure

55%›

118 of 216 venture-backed overdue

01The month's strongest deals

Where the Real Estate & Lodging mandates are forming.

The highest-conviction Real Estate & Lodging deals in the 30 days to 4 September, each with the advisory angle. Click a deal for the mandate and the buyer.

Real Estate & Lodging · IcelandTrigger 9/10

atNorth

Bought by CPP Investments and Equinix · $4bn

Evidence is a closed USD 4bn transaction with three financial advisers and three law firms engaged and no operating or commercial adviser named. The ownership split is genuinely unusual, so governance design is live. Approach the atNorth board and the CPP infrastructure team on operating model and capacity strategy.

Real Estate & Lodging · United KingdomTrigger 8/10

Harworth Group

Bought by Peel Holdings Group · $782m

A live hostile with a defence circular days away needs valuation articulation now. Peel's stated synergies are headcount, which gives the target a clear line of attack on deliverability.

Real Estate & Lodging · SpainTrigger 8/10

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Bought by 🔒

🔒 The mandate angle is for members

Real Estate & Lodging · United KingdomTrigger 8/10

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Bought by 🔒

🔒 The mandate angle is for members

Real Estate & Lodging · South AfricaTrigger 8/10

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Bought by 🔒

🔒 The mandate angle is for members

Every Real Estate & Lodging deal in six months

02Who sells next

The likely sellers, and who needs them sold.

Venture-backed Real Estate & Lodging companies ranked by StrategyAI's acquisition odds, the ones past their normal time to raise, and the funds in their harvest years.

◆ StrategyAI prediction · likely to be acquired next

8 Real Estate & Lodging companies have at least twice the typical odds of being bought within two years.

Giraffe360

Proptech · Latvia · Deploying · €30m raised

Exit-ready

×2.7

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Proptech · Netherlands · Overdue to raise

Exit-readyOverdue to raiseCapital pressure

×2.6

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Proptech · Spain · Overdue to raise

Exit-readyOverdue to raiseCapital pressure

×2.5

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Proptech · Estonia · Overdue to raise

Exit-readyOverdue to raiseCapital pressure

×2.4

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Proptech · Spain · In its raise window

Exit-ready

×2.3

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Proptech · Germany · Overdue to raise

Exit-readyOverdue to raiseCapital pressure

×2.2

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Proptech · France · In its raise window

Exit-ready

×2.1

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Proptech · Germany · In its raise window

Exit-readyFund harvestingInvestor selling

×2.1

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Proptech · Germany · Overdue to raise

Exit-readyOverdue to raiseCapital pressureFund harvesting

×1.9

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Proptech · Italy · Overdue to raise

Exit-readyOverdue to raise

×1.8

×N is the odds of an acquisition within 24 months against a typical venture-backed company (3.0%). The model is backtested on European exits; an indication, not advice.

Overdue for an exit

118 Real Estate & Lodging companies are past their normal time to raise; 27 are backed by a fund in its harvest years.

HousingAnywhere

Proptech · Netherlands · 35 months since Series C · €44m raised

Exit-ready 100

EstateGuru

Proptech · Estonia · 42 months since Series A · €18m raised

Exit-ready 99

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Proptech · Germany · 36 months since Series A

Exit-ready 99

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Proptech · Spain · 28 months since Series B

Exit-ready 99

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Proptech · Italy · 26 months since Series A

Exit-ready 97

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Proptech · Germany · 39 months since its last round

Exit-ready 97

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Proptech · France · 40 months since Series A

Exit-ready 96

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Proptech · UK · 30 months since Seed

Exit-ready 96

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Proptech · Netherlands · 31 months since its last round

Exit-ready 95

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Proptech · France · 34 months since Series B

Exit-ready 94

The fund clock · funds that have to sell

11 venture funds (€793m) are in their harvest or extension years: 10 managers who need exits, and the sale processes that come with them.

Manager · fundSizeClosedAgeStage

A/O ProPtech EvergreenUK · Prop-Tech€250m20206.7 yrsHarvest

Project A IIIGermany · Fintech, Digital-Health, Prop-Tech, Industry-4.0, Enterprise-Software, Mobility, Logistics€180m20197.6 yrsHarvest

🔒Germany · Mobility, Logistics, Travel, Prop-Tech, Food-Tech, Agri-Tech, Digital-Health, Ecommerce, Marketplaces, Fintech, Insurtech, Productivity, Future-of-Work––7.3 yrsHarvest

🔒UK · Prop-Tech––6.7 yrsHarvest

🔒Germany · Fintech, Prop-Tech––6.7 yrsHarvest

🔒France · Prop-Tech––6.3 yrsHarvest

🔒UK · AI, Robotics, Fintech, Genomics, Agri-Tech, Clean-Tech, Prop-Tech, Health-Tech––9.7 yrsHarvest

🔒UK · Prop-Tech––9.0 yrsHarvest

🔒Germany · Prop-Tech, Construction-Tech––6.6 yrsHarvest

🔒Germany · Enterprise-Software, Industry-4.0, IIoT, Prop-Tech, Cybersecurity, Fintech––8.9 yrsHarvest

Harvest: years six to ten, when a fund sells its companies to return capital. Extension: past ten years and overdue to wind up. Source: EuroVC fund closes.

03Leadership moves

Who just changed the team at the top.

Leadership moves · last 30 days

33 Real Estate & Lodging companies changed leadership this month; 0 of them were acquired in the past year. A new CEO or CFO after a deal is the first sign of a new plan.

🔒Senior hire · Real Estate & Lodging · United Kingdom · 26 Sept

🔒Leadership change · Real Estate & Lodging · United Kingdom · 24 Sept

🔒Senior departure · Real Estate & Lodging · United Kingdom · 16 Sept

🔒Leadership change · Real Estate & Lodging · United Kingdom · 15 Sept

🔒Leadership change · Real Estate & Lodging · Ireland · 15 Sept

🔒Leadership change · Real Estate & Lodging · United Kingdom · 15 Sept

04Other sectors

Read another sector.

TMT · Growth cycle FIG · Growth cycle Industrials · Consolidation Consumer & Retail · Consolidation Energy & Infrastructure · Growth cycle Healthcare · Growth cycle Business Services · Deal-led Materials & Chemicals · Consolidation Aerospace & Defense · Growth cycle All of Europe

Every Real Estate & Lodging name, every morning.

Members see the companies behind every number, the people they already know there, and live signals scored against eleven mandate patterns.

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M&A: EMEA transactions, momentum compares the latest three months with the three before. Venture capital: tech.eu Funding Explorer (CC BY 4.0) and EuroVC, read via Proptech. Predictions are StrategyAI model outputs: indicative, not advice.