CBRE partners with CR Investment to develop German serviced apartment assets

CBRE Europe Value Partners 2 (EVP2), a value-add fund managed by CBRE Global Investors, has partnered with CR Investment Management to pursue a serviced apartment development strategy in Germany. The joint venture will see the planned growth of Stayery, a German-based provider of serviced boutique apartments.

“We believe there is a strong future market for serviced apartments, and we are convinced by the Stayery concept. That is why we made our first strategic investment in the company last year. Together with CBRE Global Investors, we now have enough fire power to really accelerate Stayery’s growth,” said Torsten Hollstein, co-founder, CR.

Stayery offers innovative accommodation with the comfort of a private apartment and the service of a hotel, with a particular focus on young professionals. The project developments will be concentrated on cities with major employer clusters, or underdeveloped hotel markets. In addition, there will be a focus on university citi