Yust raises 8 million Euros to finance co-living projects

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Spotted in @tijd

Co-living real estate developments attract more investments in Brussels and Liège. De Tijd reports that the Antwerp based YUST developer has just raised 8 million Euros to further finance its growth. The historic shareholders of Yust – founder Stéphane Verbeeck with General manager Louis Claes d'Erckenteel, Jean-Marc Heynderick and the Brussels TheClub Deal (90 private investors united around Jean-Marc Legrand and Hubert Bonnet) have now been joined by Krest Real Estate Investments. Together, they are injecting 8 million Euros to finance the growth of Yust’s attractive new co-living projects.

Yust (acronym for Young Urban Style ) started 5 years ago in Antwerp, at Berchem with a 7,000 m² mixed real estate hospitality development combining hotel and hostel. In mid-May Yust will open a new establishement in Liège in the vibrant residential and business site Paradis Express being developed by Befimmo just be in front of the esplanade of Guillemins station. Their hospitality concept is evolving. The Liège project comprises 60 city lofts, 38 hotel rooms and numerous multi-purpose meeting areas. It is possible to rent a studio with a minimum term of 2 months. The main difference with a classic apartment or studio is the 'full service' that a tenant enjoys, such as: changing bed linen, cleaning team, meal service, shared bicycles, etc. The demand for flexible workspaces is also taken into account. On the ground floor there will be an open multi-purpose space, a cozy bar and restaurant, to which are added shared workplaces and a large lounge area. The complex also includes an auditorium that can serve for different types of events.To finance this project, in mid-2020 Yust raised nearly 1.7 million Euros via the Beebonds investment platform.

Yust now plans to expand its activities in Brussels centre, opposite the #Botaniquehistorical building and gardens, in the former convent and Gesuchurch. Closed since 2004, the convent has seen several conversion projects follow one another for nearly 20 years! Today, the real estate companies VDD Project Development(Jomabrifi, Johan DM Vandendriessche) and Redet are redesigning a mixed use project of 15,000 m² which will include an interior garden.They will develop a co-living space of 8,000 m² ( around 100 units), which will be managed by Yust, and around sixty new apartments. A separate commercial space (food and non-food market) is also set to be developed later by the historical owner of the site, SA Rue Royale (Pierre Buyssens), within the walls of the deconsecrated church and the neighboring chapel. The public inquiry is imminent and the permit is expected this year. The new investor Krest Real Estate will have a 50 % share in this Brussels project. Approximately 2 million Euros were also collected via the Look&Fin crowdfunding platform.

Claude Kandiyoti, CEO of Krest Real Estate is also eager to export the Yust original coliving concept to OPorto and Lisbon, where he is currently developing several large-scale real estate projects.

Read more in the De Tijd Report [ Antwerpse hotelketen Yust tankt geld voor expansie] >>