Tengelmann Group’s real estate platform has moved into the US property market with a €58.3m multi-family development.
Trei Real Estate said the development will deliver 359 rental apartments on a plot of around 60,700sqm in North Carolina.
The development is located in Matthews, a southern suburb of the city of Charlotte.
The planned apartments will have 1 to 3 bedrooms, adding up to a total leasable area of 32,670sqm.
The German company said construction started December 2018, and completion is scheduled for early 2020.
The development will be done in joint venture with a local developer, Trei said.
Pepijn Morshuis, the CEO of Trei Real Estate, said: “Entering the US residential property market represents a natural expansion of our residential property strategy.”
Morshuis said several residential developments are already in planning or under construction in Germany, Poland and the Czech Republic.
”In the US, we will concentrate on the states of North Carolina, South Carolina, Georgia and Tennessee, given the robust economic and demographic trends in these states.”