- €200 million in equity for new build-to-rent projects in Berlin, Munich, Hamburg and Frankfurt
- Total project volume of more than €600 million planned
- First transaction already secured
Primus and Greystar are expanding their successful partnership in Germany’s rental housing market. The companies have established a new joint venture to develop build to rent projects in Germany’s four largest cities – Berlin, Munich, Hamburg and Frankfurt – approximately €200 million of equity, targeting a total project volume of more than €600 million. Primus and Greystar already work together through four joint ventures for rental housing developments in Berlin. These projects will deliver approximately 1,500 apartments by early 2029, around 1,000 of which are already under construction.
The new joint venture builds on that track record and, for the first time, expands the partnership beyond Berlin into other major German cities.
The joint venture has already secured its first transaction. Further projects are also in the pipeline. “Greystar and Primus share a strong conviction in the attractiveness of the residential markets in Germany’s largest cities. Market fundamentals and demand remain strong, while Germany continues to face a shortage of more than one million homes.
Developing sustainable new housing is therefore not only an attractive investment opportunity, but also an important contribution to addressing one of Germany’s most pressing social challenges: the shortage of housing,” says Sebastian Fischer, CEO of Primus AG.
“At a time when getting new housing built in Germany is increasingly difficult, we want to be part of the solution. That means committing long-term capital, drawing on the strength of our local and global teams and working with experienced partners who know how to deliver in their markets. Our partnership with Primus has already demonstrated what that combination can achieve in Berlin. This next phase gives us the opportunity to build on that experience and bring forward more rental housing across Germany’s major cities,” says Harlan Schade, Director – Investment, Germany & Austria, at Greystar.
The joint venture combines Primus’s local development expertise and market relationships with Greystar’s institutional investment capability and experience investing in, developing and operating rental housing globally. The joint venture will focus on professionally developed residential projects designed specifically for longterm rental in Germany’s four largest cities. “The expansion of our partnership with Greystar demonstrates Primus’ position as a reliable partner for institutional investors in residential development.
The new joint venture enables us to take our successful model in Berlin into Munich, Hamburg and Frankfurt. This marks an important step towards establishing Primus as one of Germany’s leading residential developers,” says David Neuhoff, CFO of Primus.
