Primus and Greystar expand partnership and establish new joint venture for build-to-rent development

Berlin, 24 September 2026. 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 Immobilien 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 long-term 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.

About Greystar

Greystar is a leading, fully integrated global real estate platform offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing. Headquartered in Charleston, South Carolina, Greystar manages and operates approximately $350 billion of real estate in over 265 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, managing more than one million units/beds globally. Across its platforms, Greystar has over $80 billion of assets under management, including over $34 billion of development assets and approximately $36.5 billion of regulatory assets under management. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.

Press Contact Greystar: Elene Chikava, Associate Director, Feldhoff & Cie.  +49 (0) 159 012 203 98, ec@feldhoff-cie.de