Brookfield’s Real Estate Solutions is backing Swiss group Empira in its quest to develop a 752-unit Build-to-rent (BTR) multifamily development in Cologne’s Marienburg district.
Brookfield will fund ongoing construction of the project, which is expected to complete by the end of 2027.
In addition to the investment by Brookfield, the construction contract was secured for the whole project with MBN, a leading construction company. The project will supply high-quality new-build apartments into a supply-constrained submarket that has seen strong population growth over the last ten years.
A total of 752 residential units, alongside over 600 underground parking spaces, 5,000 m2 commercial units and a daycare centre, will create a vibrant neighbourhood to a DGNB Platinum standard.
Marcus Bartenstein, MD of Empira Group, said the company was pleased to work with Brookfield given the current financing constraints across the sector. ‘We believe that the market needs more build-to-rent projects like this to supply rental apartments for the growing population.’
This project is offering one to five room apartments for all types of tenants, with 10% as subsidized apartments.
Alexis Prevot, MD at Brookfield Real Estate Solutions said it was a bespoke investment solution for Empira to support their redevelopment of an outdated office asset into a modern, vibrant urban residential development in Cologne.
