Real estate group Pembroke has made its first residential site acquisition in Germany, progressing its expansion into the residential sector following recent acquisitions in Australia, the US and UK.
Pembroke said it has acquired Alramstrasse 14, a 16,500sqm build-to-rent development in southwest Munich, and is working with development manager Ehret+klein to transform the abandoned lot into a residential complex.
Pembroke said the Munich deal advances its expansion into the residential sector following recent acquisitions of a development site in Melbourne and premium residential properties in the Washington DC area and London.
Across its global portfolio, Pembroke now operates 520 rental apartments with another 376 being developed in Munich and Melbourne.
Christian Bosiljanoff, senior regional director, Germany, said: “Pembroke has a proven track record in Munich of creating places that bring people together. We are thrilled to be working with development specialist, ehret+klein, to transform this abandoned site into the high-quality rental apartments that this neighborhood needs.
“We have the capital to immediately take responsibility and advance the work to make Alramstrasse 14 an accessible residential-led, mixed-use property.”
Michael Ehret, founder, Ehret+klein, said: “We are delighted to have helped facilitate the acquisition and look forward to lending our expertise as a residential developer in Munich to leverage the urban potential of Alramstrasse 14, which has been untapped for many years.
“The original concept of a mixed-use development with residential, kindergarten, food retail, commercial space and curated green spaces is being thoughtfully expanded demonstrating our commitment to ensuring the property becomes an integral part of a vibrant neighborhood.”
Jack Clark, head of investments at Pembroke, said: “There is increasing demand for quality residential properties in the world’s leading cities. We are in a prime position to respond to this demand in Germany and globally, leveraging the strength of our capital and long-term perspective.
“We have a strong appetite for more residential acquisition opportunities—both developmental and existing assets—and are focused on Munich, Hamburg, London, Seattle, Washington DC, Boston, Tokyo, Sydney and Melbourne.”
To read the latest IPE Real Assets magazine click here.
