Greenpark: A new flagship project for high-quality living and quality of life

Greystar Real Estate Partners, LLC (Greystar), a global leader in the investment, development and management of high-quality real estate, including rental flats, logistics and life science properties, is acquiring the "Greenpark" residential project in Berlin-Neukölln as part of a forward purchase deal for its "Develop to Core" strategy in Germany and Austria.

Living with comprehensive facilities and excellent connections

As part of the realisation, 758 one-, two- and three-bedroom flats with a total of over 30,000 m² of living space will be built at Buschkrugallee 64. There will also be 1,452 m² of communal space, including a fitness and yoga studio, a cinema and a roof terrace. There will also be a children's playground, a padel court and a basketball court. Both outdoor and underground car parking spaces are planned for residents. The project is scheduled for completion in summer 2026 and is being realised by BAUWENS.

The site was owned by the city of Berlin before Dr Höcherl acquired the property in 2011, prepared the site for construction and created the legal basis for the residential development as part of a development plan procedure.

There are numerous shopping and leisure facilities in the immediate vicinity of the site, which is connected to the capital's public transport network via underground, suburban railway and bus lines. There are also schools, doctors and a hospital in the immediate vicinity.

Mark Kuijpers, Senior Managing Director - Central Europe, Greystar, comments: "With 758 flats, Greenpark is our largest project in Germany to date and a significant step forward in our develop-to-core strategy. Our aim is to work with our investment partner to build a diversified portfolio of high quality rental flats at a time when much of Germany's housing stock is post-war and no longer fit for purpose. Berlin is a key target market and Greenpark is exactly the kind of revitalisation opportunity we are looking for to create a new community in an increasingly popular neighbourhood."

Clemens Stahr, Managing Partner of BAUWENS, added: "We are delighted to have successfully continued the previous landowner's ten-year endeavour to develop the site. Finding a strong and high-quality buyer like Greystar for this exceptional development in Berlin is a great success in this day and age. The city of Berlin is facing a shortage of rental housing more than ever and we are confident that large-scale developments like Greenpark will help to reduce it.

The area around the Greenpark project has attracted new residents due to its green surroundings close to the Teltow Canal, the popular Tempelhofer Feld park and Britzer Garten with its large pond. With 330,000 residents from 160 nations and a population growth of 6.8 % in the last 10 years, Berlin-Neukölln now offers a variety of leisure activities and all the amenities of a capital city such as restaurants, bars, shops and schools.

For further information about the growth industries, economic development, business and technology support for companies, investors and scientific institutions in the Airport Region Berlin Brandenburg please contact:

Sandra Koletzki ​​​​​​ | sandra.koletzki(at)airport-region.de

(Source: Targa Communications, 02|27|2024 | "Greystar acquires 758 flats from BAUWENS as part of a forward purchase deal")