Thomas Wünsche, managing director of investment management for Greystar in Germany, told PropertyEU at MIPIM 2019 that the company is focused on offering the kind of purpose-built rental properties that matches the expectations of students and young professionals living in cities.
'You see people moving where innovation is happening, where they can basically celebrate their lifestyle, and the cities have been overwhelmed by that inflow of people,' he said. 'We feel that that change in lifestyle is not properly reflected in the supply in the rental housing market.'
'We are aiming to follow the greater theme that has been implemented in other markets such as the UK, the Netherlands and Spain. On the one hand we want to develop purpose-built multi-family and student housing that is professionally managed by Greystar, and our secondary strategy is to acquire existing stock, mainly new built micro housing and student housing, where we feel that we can add value via our operational platform.'
Greystar closed a deal in October last year with Partners Group to acquire DC Tower III, a 900-apartment scheme comprising apartments and student housing in Vienna that marks its first purpose-built urban residential project. 'There's a significant undersupply in the market that we want to help improve,' said Wünsche.