Greystar and BAUWENS agree forward purchase of Greenpark

Greystar and BAUWENS forward purchase of Greenpark marks a significant step forward in the joint venture's develop-to-core strategy in Germany and Austria.

Greystar has agreed a forward purchase deal with BAUWENS to deliver the Greenpark residential development in Berlin as part of its develop-to-core strategy | BTR News
Greystar has agreed a forward purchase deal with BAUWENS to deliver the Greenpark residential development in Berlin as part of its develop-to-core strategy.

Real estate investor, developer and manager Greystar Real Estate Partners, LLC has agreed to forward purchase the Greenpark residential development in Berlin-Neukölln for its develop-to-core venture in Germany and Austria.

Greenpark comprises 758 studios in a mix of one- and two-bedroom apartments, with 1,452 sqm (15,629 sq ft) of indoor amenity space that will contain a fitness suite, yoga studio and rooftop terrace. Other additional facilities on-site include a children’s playground, padel court and a basketball court. Greenpark is expected to be complete in summer 2026 and will be delivered by BAUWENS.

Located between two underground stations that provide connections to the city centre in around 20 minutes, Greenpark also offers ideal road connections with convenient access to the city highways. The development itself contains both open-air and underground parking for residents.

“Greenpark is our biggest development in Germany to date at 758 homes and marks a significant step forward for our develop-to-core strategy in the region. Our aim is to build a diversified portfolio of high-quality rental housing in collaboration with our investment partner at a time when much of Germany’s housing stock was built post-war and is no longer fit for purpose. Berlin is an important target market, and this site is exactly the type of regeneration opportunity we look for so we can create a new community in a neighbourhood growing in popularity.”

Mark Kuijpers, Senior Managing Director – Central Europe, Greystar

Surrounded by green spaces close to the Teltow Canal, Greenpark sits nearby the popular park Tempelhofer Feld and the Britzer Garten with its large pond.

Concept image of the Greenpark development in Berlin | Greystar | BAUWENS | BTR News
Concept image of the Greenpark development in Berlin.

The site was owned by the city of Berlin before Dr. Höcherl originally acquired it in 2011 and undertook works to prepare the site for construction, securing the necessary approvals for the residential development.

With 330,000 residents from 160 nations and a population growth of 6.8% over the last ten years, Berlin-Neukölln now offers a variety of recreational opportunities and all the amenities of a capital city including restaurants, bars, shops and schools.

“We are pleased to have successfully continued the ten years of effort initiated by the former owner of the land, Dr. Höcherl, in developing the site. Finding a strong and high-quality buyer like Greystar for this exceptional development in the heart of Berlin is a significant achievement in these days. Today, more than ever, the city of Berlin faces a shortage of rental apartments, and we are confident that large-scale developments such as Greenpark, with a self-sufficient energy supply, will contribute to the city’s growth and the wellbeing for our future generations.”

Clemens Stahr, Managing Partner, BAUWENS

Greystar was advised by: legal – Willkie Farr & Gallagher; tax – Ernst & Young; financial – PricewaterhouseCoopers; notary – DSH-Notare on this deal and BAUWENS was advised by: public Law – Hellriegel Rechtsanwälte; legal and tax – Ebner Stolz; broker – JLL.