Greystar launches €1bn Germany and Austria venture

Greystar has unveiled a new develop-to-core, build-to-rent venture, targeting a €1bn portfolio in Germany and Austria. The developer has teamed up with an unnamed global institutional investor to create a diversified portfolio across major cities including Berlin, Frankfurt, Hamburg, Munich and Vienna. The partnership will deliver projects of more than 100 homes, executed on a forward fund, forward purchase or ground-up development basis, to be managed by Greystar’s operational platform. Greystar first entered the market in Germany and Austria in 2018, with the acquisition of DC Tower III (pictured). The 110m tall building is currently under construction, in the 22nd district of Vienna, at the Danube waterfront. It will provide a mix of student, young professional and rental housing. In 2019, the investor purchased LY30, a 182-home rental scheme in Frankfurt. Thomas Wünsche, head of Germany and Austria at Greystar, said: “We have an early mover advantage as one of the first developers of modern flexible housing solutions in these markets. We know that people are renting for longer and the pandemic has accelerated trends towards working from home, so we are confident our highly amenitised, professionally managed product will prove popular as we expand across our target cities.” Mark Allnutt, senior managing director for Europe at Greystar, added: “This venture aligns with our strategy in our other European markets to deliver purpose-built rental housing in city hubs with stable employment and long-term persistent rental demand, such as London, Amsterdam and Paris.” To send feedback, e-mail emma.rosser@eg.co.uk or tweet @EmmaARosser or @EGPropertyNews Image © Greystar