Primus and HighBrook/BATO develop rental housing project in Berlin-Treptow

Primus Immobilien AG is forming a joint venture with international real estate investor HighBrook and the investment manager BATO Group to build rental apartments in Berlin-Treptow. The relevant plot of land will be contributed to the project company by HighBrook and BATO. HighBrook and BATO will retain ownership of the neighbouring office complex Treptown.

The project has a total above-ground gross floor area of just under 15,000 square metres. The property will be designed to the KfW-40 standard, with additional certifications such as DGNB Gold being targeted.

"At the end of 2023, we began building our portfolio of rental apartments in exciting Berlin locations. We have succeeded in expanding the pipeline to 2,800 apartments. The site is a fantastic example of how a project originally planned for commercial use can, in today's environment, become an ideal setting for new residential space."

"International investors are once again turning their attention to the German residential market and Berlin in particular. In a market environment that continues to be characterised by limited access to capital for project developers, robust partnerships with institutional investors are a decisive success factor," says David Neuhoff, CFO and Shareholder of Primus Immobilien AG.

"We are continuously expanding our network of capital partners, combining local implementation expertise with a deep understanding of our investors' requirements. This combination makes us a strong partner for institutional investors, as the partnership with HighBrook once again demonstrates."

Engel & Völkers Commercial acted in an advisory and intermediary capacity.