Greystar agrees forward purchase deal with BAUWENS for 758-home scheme in Berlin
· Greenpark will house 758 new rental homes and 1,452 sqm of amenity space
· The well-connected brownfield site formerly housed the famous BLUB water park
· Significant step forward in joint venture’s develop-to-core strategy in Germany and Austria
· BAUWENS took over the development from the former owner H’Group
Frankfurt, 27 February 2024 – Greystar Real Estate Partners, LLC (“Greystar”), a global leader in the investment, development, and management of high-quality real estate, including rental housing, logistics, and life sciences, has agreed to forward purchase the Greenpark residential project in Berlin-Neukölln for its develop to core venture in Germany and Austria.
Greenpark comprises 758 studios, one and two-bedroom apartments with 1,452 sqm (15,629 sq ft) of indoor amenity space that will house a fitness suite, yoga studio and rooftop terrace. The purpose-built property will have a number of additional facilities in its grounds including a children’s playground, padel court and a basketball court. There will be both open-air and underground parking for residents. The project is expected to be complete by the Summer of 2026 and will be delivered by BAUWENS.
The site was owned by the city of Berlin before Dr. Höcherl originally acquired the site in 2011 and undertook works to prepare the site for construction securing the necessary approvals for the residential development. Greenpark is located between two underground stations that provide connections to the city centre in around 20 minutes. For road user, there is good access to the city highways.
Mark Kuijpers, Senior Managing Director – Central Europe, Greystar, said: “Greenpark is our biggest development in Germany to date at 758 homes and marks a significant step forward for our develop-to-core strategy in the region. Our aim is to build a diversified portfolio of high quality rental housing in collaboration with our investment partner at a time when much of Germany’s housing stock was built post-war and is no longer fit for purpose. Berlin is an important target market, and this site is exactly the type of regeneration opportunity we look for so we can create a new community in a neighbourhood growing in popularity.”
Clemens Stahr, Managing Partner at BAUWENS, said: “We are pleased to have successfully continued the 10 years of effort initiated by the former owner of the land, Dr. Höcherl, in developing the site. Finding a strong and high-quality buyer like Greystar for this exceptional development in the heart of Berlin is a significant achievement in these days. Today, more than ever, the city of Berlin faces a shortage of rental apartments, and we are confident that large-scale developments such as Greenpark, with a self-sufficient energy supply, will contribute to the city's growth and the well-being for our future generations.”
The area around Greenpark has attracted new residents due to its leafy living environment close to the Teltow Canal, popular park Tempelhofer Feld and the Britzer Garten with its large pond. With 330,000 residents from 160 nations and a population growth of 6.8% over the last 10 years, Berlin-Neukölln now offers a variety of recreational opportunities and all the amenities of a capital city including restaurants, bars, shops, and schools.
Greystar was advised by:
· Legal: Willkie Farr & Gallagher
· Tax: Ernst & Young
· Financial: PricewaterhouseCoopers
· Notary: DSH-Notare
BAUWENS was advised by:
· Public Law: Hellriegel Rechtsanwälte
· Legal and Tax: Ebner Stolz
· Broker: JLL
Enquiries
FGS Global
Gordon Simpson / James Thompson / Ellen Donald
About Greystar.
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $290 billion of real estate in 247 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages more than 857,400 units/beds globally, and has a robust institutional investment management platform comprised of more than $76 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business. To learn more, visit www.greystar.com.
About Bauwens.
Bauwens, founded in 1873 develops, plans, constructs, and operates attractive properties in Germany's top locations with an investment volume of appr. € 10 billion. We shape urban life by integrating into the urban environment and enhancing it with high architectural, planning, and technical quality. We enable current and future generations to live, work, and shop in high-quality and innovative properties. In doing so, we actively address market challenges and continually develop new solutions. This strengthens our tradition as a reliable partner for our customers and a secure employer for more than 540 employees - always focused on our common vision: Bauwens makes developing, planning, building, and operating simple!