A discreet group of international investment funds launched a takeover bid to gain control of Excem Socimi Sir, a publicly traded real estate investment trust dedicated to acquiring and managing shared apartments. The company operates under its own management arm, Homiii, which oversees the portfolio and daily operations of these properties.
The Narbon SL investment vehicle is presented on its corporate site as a conduit for innovation within the funeral industry, through its parent company, KDN Innovación y Servicios SL. Both Narbon SL and KDN Innovación y Servicios SL are led by Gabriel Narbón Prieto and Antonio Teruel Saiz, two executives whose professional footprints do not appear in widely accessible online reviews. Local media from Prensa Ibérica, including El Periódico de España, indicate that a consortium of international institutional investors plans to assemble a sizable cohabitation platform, with Excem providing a pre-existing asset base to accelerate the project rather than building from scratch.
As the offer was extended, the bidders proposed paying 1.20 euros per Excem share, valuing the operation at around 14.4 million euros. By market pricing, the company’s stock previously traded around 0.65 euros per share, suggesting a market capitalization near 7.8 million euros. The funds involved reportedly carried an 85 percent premium to the share price, with the expectation of controlling assets valued at approximately 33 million euros more than the premium-adjusted price, implying a substantial discount relative to the intrinsic value perceived by the investors.
Shareholders received the offer amicably. A spokesman for Excem Gayrimenkul, the real estate affiliate within the Excem Group, stated that as part of its investment strategy the group welcomed the movement of capital into the sector and anticipated a rotation of investments aligned with the proposal.
company history
Excem Socimi Sir was established in 2016 with a base of 50 investors and began trading on the stock market in 2018. The business model centers on acquiring and administering large, shared living spaces. A pivotal figure in the project’s origins and now serving as chief executive is Antonio Mochón, who also helped launch Homiii, the platform responsible for managing the company’s residential units. Currently, Homiii oversees a sizable portfolio of Madrid properties and actively administers a wide range of Excem assets and properties owned by other entities.
The listed real estate company holds assets valued at roughly 33 million euros. The occupancy rate across the portfolio has historically hovered around 95 percent on an annual basis, with minimal delays in rent collection, underscoring a stable cash-flow profile for the asset class.
Corporate operation in the Coliving market
Coliving has emerged as a favored area for capital deployment among many investors, anticipated to remain a staple in the sector for years. The model encompasses large apartment configurations, smaller clusters of homes, and various formats of shared living spaces. While numerous operators exist, none have captured a dominant market share to date, leaving room for consolidation and scale.
What attracts large international funds to coliving is the potential for higher profitability relative to traditional leasing, paired with comparable risk levels. Typical leases in this segment are shorter, involve higher turnover, and can be executed in months rather than years. The rent paid by residents frequently contracts at a higher rate than conventional housing, reflecting both the premium on community-based living and the flexibility it offers to tenants.
In this landscape, the value proposition centers on balancing attractive yields with manageable operating risk. The sector’s appeal lies in a combination of stable occupancy, efficient property management through specialized platforms, and the ability to optimize space usage across a growing number of assets. The strategic move to combine investment capital with seasoned operating teams suggests a pathway toward wider adoption and more robust asset performance in the near term.