Greystar Real Estate Partners together with its investment partners APG Asset Management N.V., Bouwinvest Real Estate Investors, and MIRA Real Estate announced the first close of a Greystar-led China-focused fund with US$450 million in equity commitments.
Greystar established its Asia-Pacific rental housing platform (“Greystar Asia-Pac”) with MIRA Real Estate last year and is now joined by APG Asset Management N.V.
“China is an extraordinarily compelling growth market for rental housing investment today and is notably lacking in quality housing for the wave of renter demand driven by the rapid growth of urban market populations and incomes,” said Wes Fuller, leader of Greystar’s global Investment Management business.
“Establishing this fund gives us an early mover advantage to implement our unique investment strategy by assembling and operating an unrivaled rental housing portfolio at scale.”
“APG is already a long-term investor in rented residential strategies in both Europe and the U.S. We expect this sector to establish itself very quickly as an institutional asset class throughout Asia-Pacific,” said Graeme Torre, APG’s Head of Private Real Estate Asia-Pacific.
“Bouwinvest has extensive experience investing in and managing rental housing, both through our flagship fund in the Netherlands and our international investments globally. This investment in the China multifamily sector builds on that track record and is highly complementary to our recent investment in a rental housing portfolio in central Tokyo,” said Tjarko Edzes, Director for Asia-Pacific Investments for Bouwinvest.
Source: Greystar Real Estate Partners