Greystar Real Estate Partners is acquiring a residential project in Berlin as part of its develop-to-core strategy in Germany and Austria.
The global real estate investment firm said it has agreed to forward fund the purchase the Greenpark residential project in Neukölln on behalf of its develop-to-core strategy in the region.
The project, known as Greenpark, comprises 758 studios, one and two-bedroom apartments, and is expected to be completed by the summer of 2026 and will be delivered by Bauwens.
Financial details were undisclosed.
Mark Kuijpers, senior managing director in Central Europe at Greystar, said Greenpark is the firm’s biggest development in Germany to date at 758 homes and marks a “significant step forward for our develop-to-core strategy in the region”.
Kuijpers said: “Our aim is to build a diversified portfolio of high-quality rental housing in collaboration with our investment partner at a time when much of Germany’s housing stock was built post-war and is no longer fit for purpose.
”Berlin is an important target market, and this site is exactly the type of regeneration opportunity we look for so we can create a new community in a neighbourhood growing in popularity.”
Clemens Stahr, managing partner at Bauwens, said: “Finding a strong and high-quality buyer like Greystar for this exceptional development in the heart of Berlin is a significant achievement in these days.
“Today, more than ever, the city of Berlin faces a shortage of rental apartments, and we are confident that large-scale developments such as Greenpark, with a self-sufficient energy supply, will contribute to the city’s growth and the well-being for our future generations.”
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