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Society

Abu Dhabi Company Invests in Greek Apartment Venture Blueground

ATHENS – The Greek start-up Blueground, which specializes in short-and-long-term furnished apartment rentals got a key investor in the Abu Dhabi holding company ADQ as part of plans to spread to 35,000 units in 50 cities.

The investment by DisruptAD — ADQ’s venture arm — into the property-tech company will help Blueground reach its target, without providing the value of its investment, reported The National.

This move marks the first deal under the state-owned holding company’s €4 billion ($4.2 billion) bilateral investment partnership with Greece, announced earlier this year,  the site added.

“Our investment in Blueground reinforces our commitment to promoting core sectors of the economy as part of ADQ’s Sovereign Investment Partnership with Greece,” Amer Al Ameri, head of venture capital and technology investments at ADQ, said of the opportunity.

“The success of disruptive technologies, such as the platform developed by Blueground, will act as a catalyst in accelerating the sustainable development of the Greek economy,” he said of the move.

In May, the UAE and Greece said they agreed on deals to invest including  infrastructure, renewable and new forms of energy, health care and pharmaceuticals, food and agriculture, plus logistics, UAE state news agency Wam had reported then.

Blueground, the Athens-based premium furnished rental apartments service, said in September 2021 that it had raised $180 million to fund its expansion into new markets and accelerate its business growth.

That was as demand was returning for rentals as the COVID-19 pandemic continues to wane, adding that it had raised $258 million since its inception, the company valued at $750 million, its website said.

“With its rapidly expanding operations in mature real estate markets globally, Blueground has a promising journey ahead,” Al Ameri said. “Our collaboration will enable us to unlock growth opportunities in line with our mandate in delivering strong and sustainable financial returns,” he added.

Established in 2013, Blueground now operates in 26 cities in Europe, North America and Asia, with a portfolio of approximately 8,000 apartments and hopes to increase that by some 400 percent.

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