Rent24 Planning 1.35M SF U.K. Coworking Portfolio By 2020

German coworking and co-living space provider Rent24 has taken a majority stake in London shared office space operator The Brew and revealed plans to open 45 new locations in the U.K. and Ireland over the next two years.

The Brew’s six coworking spaces in the Shoreditch area of London mark Rent24’s first move into the U.K. market. These properties will be branded as ‘The Brew by Rent24’.

Rent24 founder and Chief Executive Robert Bukvic said the company remains convinced by the U.K. market, despite Brexit.

It plans to enter the Irish market in 2019 — most likely starting in Dublin — and wants to open five locations over the next two years.

The 45 locations will total 1.35M SF, making the company among the top five operators in London and the top 10 in the U.K.

Including the London offices, Rent24 operates 35 coworking spaces in 18 cities, including Moscow, New York, Tel Aviv and Amsterdam.

The Brew's managing director, Andrew Clough, said the company also hopes to offer co-living services in Britain. At present, Rent24 has seven co-living properties in Berlin, Hamburg and Chemnitz. Bukvic said the company will look at the possibility of offering co-living in Ireland.

In July, Rent24 announced that it is developing a blockchain platform. “The ‘Bricks & Clicks’ approach of combining our physical locations with technological innovations has always fascinated me,” Bukvic said at the time. “With the new project, we are connecting all members of our community, rewarding interaction and making everyday use of blockchain technology. We will be offering all products and services of Rent24 and its alliance partners for our cryptocurrency Primary.”