Renewed acquisition in Berlin: Primus expands pipeline to around 1,000 rental apartments

Primus Immobilien AG is strengthening its position as one of the leading private developers of rental housing in the German capital. Primus has acquired a development site at Reichsstraße 58–61 in the Westend district of Charlottenburg-Wilmersdorf, including an existing residential building permit. Approximately 250 rental apartments with around 21,000 square meters of gross floor area (GFA) are planned for the site. Construction is scheduled to commence at the end of 2025, with completion expected in 2028.

“In 2024, we successfully achieved our ambitious acquisition targets through strategic purchases. By 2028, we aim to complete our current pipeline of three projects comprising around 1,000 rental apartments. Initial construction starts are already planned for this year, including 290 residential units at Berliner Straße 100 and the recently acquired site at Reichsstraße 58–61. In addition, we are in advanced negotiations for further acquisitions in the capital,” reports Sebastian Fischer, CEO of Primus Immobilien AG. “Our focus is on central, inner-city locations with excellent transport links. As always, our portfolio is designed to meet the highest standards in terms of sustainability,” Fischer adds.

“We are pursuing the targeted development of a residential portfolio comprising 2,000 to 2,500 units in the Berlin area. With a current pipeline of around 1,000 apartments, we are already well on track to achieving this goal. Financing for our ongoing project in Westend is secured. Thanks to our strong network and close cooperation with financing partners – including banks and insurance companies – we benefit from reliable access to capital,” adds David Neuhoff, CFO of Primus Immobilien AG.

Including the most recent acquisition, the gross development value (GDV) of Primus’s projects amounts to approximately €1 billion across all three business segments. In addition to rental housing, this includes the development of condominiums, such as the “Céleste” project currently under construction, where more than 40 percent of the units have already been sold. The portfolio also comprises commercial real estate developments: the “SILVA” office building was recently completed successfully. Further projects currently in planning and execution include a hotel on Greifswalder Straße – already pre-let to Radisson on a long-term basis – as well as the commercial mixed-use district project “SCHÖNEWERK.”