Primus and Greystar establish joint venture for sustainable rental housing development in Berlin
Greystar Real Estate Partners, LLC (Greystar), a global leader in the investment, development, and management of high-quality rental housing, and Primus Immobilien AG (Primus), an experienced Berlin-based project developer, have formed a joint venture. The aim of the partnership is to develop and deliver sustainable rental housing projects in Berlin.
“Berlin needs new housing – and it must meet the highest standards of quality and sustainability. Together with our experienced local partner Primus, we are addressing exactly this need and creating future-ready rental homes,” explains Jan Salzmann, Senior Director Germany at Greystar Real Estate Partners, LLC.
Focus on urban locations with development potential
The joint venture will acquire sites in Berlin that offer strong infrastructure, excellent access to public transport, and development potential of at least 8,000 square meters of residential floor space. The focus will be on classic rental housing projects that integrate both ecological and social sustainability aspects.
“With the establishment of this joint venture, we are taking an important step in expanding our rental housing strategy. This partnership with a global market leader enables us to realize modern residential concepts in Berlin and respond to the strong demand for rental apartments,” says David Neuhoff, CFO and shareholder of Primus.
Sebastian Fischer, CEO and shareholder of Primus, adds: “The collaboration between our two companies aims to achieve the highest standards in environmental, social, and governance (ESG) criteria. Accordingly, we are targeting certifications such as DGNB Gold, WiredScore, and Good Mobility for our projects. This ensures that our developments are not only high-quality, but also future-oriented and responsible.”
An initial joint seed deal is currently in preparation, with further projects already in the pipeline.
About Greystar
Greystar is a leading, fully integrated global real estate company with expertise in property management, investment management, development, and construction services. The firm specializes in institutional-quality rental housing as well as logistics and life sciences assets. Greystar is headquartered in Charleston, South Carolina, and manages properties valued at over USD 315 billion across approximately 250 markets worldwide, with offices throughout North America, Europe, South America, and the Asia-Pacific region.
Greystar stands for integrity, strong performance, and acting consistently in the best interests of all stakeholders. It is the largest operator of rental housing in the United States and manages more than 1,000,000 units/beds globally. In addition, Greystar operates a robust institutional investment management platform with over USD 78 billion in assets under management, including USD 36 billion in development projects.
Founded in 1993 by Bob Faith, Greystar was established to deliver best-in-class services in rental housing. Further information is available at www.greystar.com
Building
Perspectives.
About Primus Immobilien AG
Primus Immobilien AG is an owner-managed real estate developer specializing in high-quality residential, office and hospitality properties. Since 1993, the company has been delivering architecturally sophisticated real estate projects with a strong focus on quality, sustainability and long-term value in prime locations.
As a fully integrated real estate platform, Primus combines development, architecture, investment and financing expertise. With more than 30 years of market experience, the company has an excellent track record and a current Berlin-based portfolio comprising nine projects with a gross development value (GDV) of approximately EUR 1.2 billion. The strategic partnership with a single family office further strengthens Primus’ market positioning.