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Greystar value-add fund hits €725m as targets major cities

Kyle Street, Glasgow. Greystar Real Estate Partners acquired this PBSA asset in February 2021 as part of a portfolio bought from KKR’s Nido portfolio.

Greystar Europe Investment Management’s flagship pan-European value-add discretionary vehicle has closed on €725 million in equity commitments.

Commitments were received from diverse global institutional investors in Continental Europe, North America and Asia-Pacific and include both new and existing Greystar investors. 

Greystar Europe Investment Management is a subsidiary of Greystar Real Estate Partners. The new fund, a pan-European, closed-end, value-add, residential vehicle is aiming for €1 billion of equity and will target assets in the main cities of the United Kingdom, Netherlands, Spain, Ireland, France, Germany and Austria.

Mark Allnutt.

The vehicle will acquire and develop purpose-designed, professionally managed rental residential assets. These will include multifamily and purpose-built student accommodation. It already has seed investments in the UK, Ireland and the Netherlands with an active pipeline of investments across its target cities.

The company said in a statement that the European multifamily and student housing sectors currently have a limited supply of quality rental housing and, combined with the continued trend toward urbanisation in top cities and the increasing unattainability of home ownership, this has resulted in a growing renter cohort.

“This opportunity is the culmination of more than seven years of hard work establishing the only vertically integrated pan-European residential platform, which means we have the capabilities to invest, develop and operate assets under one roof,” Greystar’s senior managing director, Europe, Mark Allnutt said. “We are therefore uniquely placed to offer simplicity and scale to investors seeking European residential exposure.”