LONDON 2 October 2019 – 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.
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 cities. The first Stayery opened in Berlin in January 2019 and further apartment buildings are currently being built in Cologne, Frankfurt and Bielefeld.
Commenting on the investment rationale, Christina Forrest, Fund Manager, EVP2, CBRE Global Investors said: “We have carried out detailed analysis to identify cities displaying appropriate market fundamentals for the serviced apartment market. Germany’s corporate sector is fragmented and decentralised, making it an attractive country in which to launch a serviced apartment venture.
CR have been active in this sector for many years and have an established partnership with Stayery. With strong institutional investor interest growing in this sector, we see great potential investing in this niche market.”
“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’s sophisticated full-service boutique apartment concept appeals particularly to business travellers who, unlike tourists, may have to spend several weeks or even months in a city, and who are interested in modern accommodation where they have the opportunity to meet like-minded people,” said Alexander Lackner, Managing Director, CR.
EVP2 is the second fund in the European value add series for CBRE Global Investor. EVP2 pursues a reposition-to-core and develop-to-core strategy and has the ability to invest in all sectors with a Pan-European remit.
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $106.7 billion in assets under management* as of June 30, 2019. The firm sponsors investment programmes across the risk/return spectrum for investors worldwide.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBRE). It harnesses the research, investment sourcing and other resources of the world’s largest commercial real estate services and investment firm (based on 2018 revenue) for the benefit of its investors. CBRE Group, Inc. has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.