Brookfield, through its real estate solutions business, has invested an undisclosed amount in a German residential development project owned by Empira Group funds.
The pair said Brookfield’s investment will support the ongoing construction of the inner-city residential development project in Cologne’s Marienburg district, which is expected to complete by the end of 2027.
The development comprises 750 residential units, with more than 600 underground parking spaces, 5,000sqm of commercial units and a daycare centre.
Empira said it will create “a vibrant neighbourhood that will feature green inner courtyards, open spaces and children’s playgrounds”.
Marcus Bartenstein, managing director of Empira Group, said: “We are proud to have partnered with Brookfield on a project of this size, given the current financing constraints present across the sector.
“We believe that the market needs more build-to-rent projects like this to supply rental apartments for the growing population. This project is offering one to five room apartments for all types of tenants, with 10% as subsidised apartments.”
Alexis Prevot, managing director at Brookfield Real Estate Solutions, said: “We are pleased to provide a bespoke investment solution for Empira to support their redevelopment of an outdated office asset into a modern, vibrant urban residential development in Cologne.
“We look forward to working together to complete the project and are looking into further opportunities together, as we seek to collaborate with experienced partners and investors to provide bespoke liquidity solutions for high-quality assets.”
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