Greystar Real Estate Partners LLC (“Greystar”), a global leader in the investment, development and management of high-quality rental housing properties, 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, high-quality 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 approximately 2,060 square metres of retail space on the ground floor, 28 parking spaces and approximately 400 square metres of social space including a resident’s lounge, co-working area and a private gym to the development in Hamburg.
Strategically located within walking distance of major public transport links and directly adjacent to supermarkets, restaurants and multiple shopping facilities, the development is in line with Greystar's strategy of delivering highly amenitised purpose-built products close to transportation hubs. The development is a response to the persistent undersupply of high-quality rental flats in Hamburg, with a city-wide vacancy rate of 0.2 per cent, according to CBRE.
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. We are implementing specific value creation strategies based on Greystar’s global planning and development experience to provide a unique rental experience to our residents and achieve above-average returns and yields for our investors. Each asset will include a range of high-quality amenities tailored to the market and leverage Greystar’s market-leading operational platform, which focuses on providing an exceptional customer experience and includes a dedicated onsite team to provide support to residents 24/7."
Source: Greystar.com on the 22nd of March 2022
https://www.greystar.com/about-greystar/newsroom/greystar-invests-in-its-first-build-to-rent-development-in-germany