Matter Real Estate and GCM Grosvenor have partnered to invest more than €500m in residential real estate projects across Germany and Denmark.
London-based Matter, with the support of several GCM Grosvenor funds, will invest through Matter’s Velkomn platform in Denmark and 15 Degree, a German residential developer and manager.
The plan is to develop a 2,000-unit portfolio in both countries. Danish single-family residential platform Velkomn, which was established by Matter in 2023, recently purchased a 667-unit stabilised portfolio across eight schemes for €170m.
Matter said it has also committed to funding equity for €250m of developments with 15 Degree. The partnership with 15 Degree will facilitate the development of a residential portfolio in Berlin. This investment will support both new and distressed projects in the German market, with the initial two assets totalling 156 units.
These investments follow GCM Grosvenor’s previous commitments to Placefirst, a UK affordable housing company owned by Matter.
David Christie, CEO at Matter Real Estate, said: “Our partnership with GCM Grosvenor continues to go from strength to strength. These two investments show that Matter has the expertise to implement our pan-European residential strategy across key markets which present attractive growth opportunities.
“We look forward to sustaining our ongoing partnership with GCM Grosvenor and welcoming other investors in these strategies.”
Peter Braffman, managing director at GCM Grosvenor, said: “European residential strategies remain a core focus of our investment programme given the favourable supply/demand dynamics and the critical need for quality rental housing across the region.
“Our strategic investment program with Matter has given us a unique access point to these markets which we believe can generate positive outcomes for our clients and future residents.”
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