Greykite European Real Estate Fund I, in partnership with Arax Properties, has announced the acquisition of a 1,600-unit residential portfolio located across major metropolitan areas in Western Germany, including Greater Dusseldorf, Dortmund and Frankfurt. The portfolio will seed Baunest, GREYKITE’s new German residential platform, which is targeting more than €500 million ($584 million) of investment in the next 12 to 18 months.
The portfolio is being acquired in an off-market corporate transaction and will be managed by Arax, Greykite’s operating partner for Baunest. The 134-asset portfolio comprises 110,000 square meters (1.2 million square feet) and is currently 98 percent occupied, providing stable in-place income and significant potential for value creation through targeted modernization initiatives.
Baunest will serve as the dedicated brand for the strategy, which has a mandate to deliver high-quality, accessible rental homes while maintaining tenant affor
