Patrizia has launched a Berlin residential development programme through a new joint venture, targeting a total development volume of up to €500m in one of Europe’s most structurally undersupplied housing markets.
Patrizia has partnered with Berlin-based developer Cosimo Investment Group to develop an initial pipeline of around 2,000 residential units “over the coming years”, with up to €200m of equity capital to be deployed through Patrizia’s Living strategy within the overall €500m development programme.
The cooperation forms part of Patrizia’s pan-European Living investment platform, which is deploying capital into high-conviction, value-add residential opportunities in structurally undersupplied urban markets across Europe.
Antonio Marin-Bataller, head of investment management living at Patrizia, said: “Berlin remains one of Europe’s most compelling residential markets, driven by sustained urbanisation and a persistent shortage of new housing supply. This joint venture reflects our conviction in value-add living opportunities aligned with the long-term living transition shaping European cities.
“By forward-funding high-quality residential assets in strong micro-locations, we aim to build core-quality portfolios with attractive risk-adjusted return potential. We continue to see similar opportunities emerging across our European Living platform.”
Oral Coskun, founder of Cosimo, said: “Partnering with Patrizia enables us to combine local development expertise with institutional capital and long-term strategic vision. Together we will deliver high-quality housing in some of Berlin’s most attractive micro-locations.”
The two companies said the joint venture “establishes a long-term partnership structure under which projects will be evaluated and executed on an asset-by-asset basis”.
Cosimo will be responsible for securing development rights and managing construction, while Patrizia retains responsibility for investment strategy, financing and asset management oversight.
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