Brookfield, through its real estate solutions strategy, participates in an inner-city residential development project in Cologne’s Marienburg district. The development is currently owned by real estate funds managed by Empira Group (Empira). The investment made by Brookfield will support the ongoing construction of the project, which is expected to complete by the end of 2027. In addition to the investment by Brookfield, the construction contract was secured for the whole project with MBN, a leading construction company.
The project will supply high-quality new-build apartments into a supply-constrained submarket that has seen strong population growth over the last ten years. A total of 752 residential units, alongside over 600 underground parking spaces, 5,000m2 commercial units and a daycare centre, will create a vibrant neighbourhood that will feature green inner courtyards, open spaces and children’s playgrounds. Sustainability is an important feature of the development, and it has been designed to reach KfW 40 NH standard and DGNB Platinum standard.
Marcus Bartenstein, Managing Director of Empira Group said: “We are proud to have partnered with Brookfield on a project of this size, given the current financing constraints present across the sector. We believe that the market needs more build-to-rent projects like this to supply rental apartments for the growing population. This project is offering one to five-room apartments for all types of tenants, with 10% as subsidized apartments.”
Alexis Prevot, Managing Director at Brookfield Real Estate Solutions said: “We are pleased to provide a bespoke investment solution for Empira to support their redevelopment of an outdated office asset into a modern, vibrant urban residential development in Cologne. We look forward to working together to complete the project and are looking into further opportunities together, as we seek to collaborate with experienced partners and investors to provide bespoke liquidity solutions for high-quality assets.”
Image source - Pexels.
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