Cove Names Ashish Manchharam Advisor Shifts Asset Acquisition Model
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Cove, a flexible living platform founded in Singapore, has recently appointed Ashish Manchharam, a seasoned real estate and hospitality professional, as a member of its board of directors.
Manchharam has an impressive track record in the industry, having founded and grown 8M Real Estate over the span of 10 years to a $1.5 billion portfolio. He later moved on from 8M Real Estate in 2023 and established Elevate Capital in early 2024, which focuses on investments in lifestyle-oriented real estate.
In his new role at Cove, Manchharam will work closely with the team to identify and acquire flexible living assets in collaboration with third-party investors such as real estate funds, institutional investors, and family offices. This strategic move aligns with Cove’s goal of accelerating growth and expanding its reach through partnerships.
Originally, Cove operated solely as a branded flexible living operator and online listing platform catering to professionals and students. However, with its recent plans to venture into asset acquisitions, Cove aims to diversify its offerings and tap into a wider market in the Asia Pacific region. This includes their recent launch of 800 rooms in South Korea and an additional 400 rooms in Japan through partnerships with local joint venture partners.
To support its ambitious growth plans, Cove has successfully closed a funding round, securing an additional US$4.5 million. Alongside existing investors Eurazeo and Keppel, who took a strategic minority stake in Cove in 2020, Manchharam also participated in the round.
According to Cove’s CEO and co-founder Guillaume Catagne, the company has experienced significant portfolio growth in 2024 and has become EBITDA positive. With their sights set on doubling their portfolio to 15,000 units by the end of 2025, Cove is well-positioned to strengthen its leadership position in existing markets and expand its presence in the region.