Hines has bought a site in Berlin on which it will build its first German private rental sector (PRS) development.

The manager will finance the construction of 530 rental apartments on the 231,424 sq ft Wohnpark Südkreuz scheme, in the city’s Schöneberg district.

Hines said it was working in a joint venture with a private German real estate fund.

Lars Huber, co-chief executive at Hines Europe, said: “The development of the Wohnpark Südkreuz site is part of our wider pan-European strategy to develop PRS in several European locations.”

Huber said the company was also developing rented residential projects in Ireland and the Netherlands.

The Berlin project, which will include micro-apartments and family units, as well as subsidised apartments, is due for completion in 2019.

Commercial premises will be built on the complex, as well as a daycare centre and age-appropriate living.

Topics

Related Companies