Greystar Real Estate Partners has acquired a 234-unit residential development in Hamburg's up-and-coming Harburg district as part of its develop-to-core venture with a global institutional investor to build a diversified rental apartment portfolio in Germany and Austria.
The forward purchase transaction with developer BPD is the first major development project in Germany and Austria acquired by global residential investor Greystar and follows a purchase in Frankfurt (LY30) and a development in Vienna (District Living).
The asset contains 234 residential apartments with a mix of studio one-, two- and three-bedroom. Greystar plans to add 2,060 m2 of retail space on the ground floor, 28 parking spaces and 400 m2 of social space including a resident’s lounge, co-working area and a private gym to the development in Hamburg.
Thomas Wünsche, senior director - Germany and Austria, Greystar, said: ‘The investment strategy for our German and Austrian develop-to-core venture, is to build a diversified portfolio of institutional-quality rental flats by focusing on multi-family properties of scale in key markets such as Berlin, Frankfurt, Hamburg, Munich, Cologne, Düsseldorf, Stuttgart and Vienna.’
Greystar entered the market in Germany and Austria in 2018 with the acquisition of District Living, a 110-metre high-rise in Vienna's 22nd district on the banks of the Danube. The completed project will offer a mix of student, young professional and rental flats. Greystar also owns and operates LY30 in Frankfurt, which was acquired in 2019 and comprises 182 rental flats.
