Cove Names Ashish Manchharam Advisor Shifts Asset Acquisition Model
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Cove, a flexible living platform founded in Singapore, has recently announced the appointment of real estate and hospitality veteran Ashish Manchharam as a board director. With over 10 years of experience in the industry, Manchharam has successfully built 8M Real Estate into a $1.5 billion portfolio before exiting the company in 2023. He then went on to establish Elevate Capital in early 2024, which is focused on lifestyle-driven real estate investments.
In his new role, Manchharam will leverage his expertise and knowledge to assist Cove in acquiring flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. This move aligns with Cove’s strategy to accelerate its growth through partnerships and asset acquisitions, in addition to its existing asset-light model as a branded flexible living operator and online listing platform that caters to professionals and students.
Cove has successfully expanded its presence since its inception in 2018, with a current portfolio of over 6,000 rooms in Singapore and Indonesia. The company aims to extend its reach to the wider Asia Pacific region and has recently made its entrance into South Korea and Japan. In South Korea, Cove is set to launch 800 rooms, while in Japan, it plans to offer 400 rooms through local joint venture partners.
To support its regional expansion and strengthen its leadership position in existing markets, Cove has closed an additional US$4.5 million funding round with the participation of Manchharam and its existing investors, including Eurazeo and Keppel. In December 2020, Keppel had taken a strategic minority stake in Cove.
According to Cove CEO and co-founder Guillaume Catagne, the company has experienced significant growth in its portfolio in 2024 and has also achieved positive EBITDA. With plans to more than double its portfolio to 15,000 units by the end of 2025, Cove is well-positioned to continue its growth and solidify its position as a leader in the flexible living industry.