Matter Real Estate and GCM Grosvenor have partnered to invest over €500 million in residential real estate projects in Germany and Denmark.
London-based Matter will invest through Denmark’s Matter’s Velkomn platform and German housing development and management company 15 Degree, backed by multiple GCM Grosvenor funds.
The plan is to develop a portfolio of 2,000 units in both countries. Danish single-family housing platform Velkomn, founded by Matter in 2023, recently purchased a stable portfolio of 667 homes across eight schemes for €170 million.
Matter also said it has committed to providing capital of 250 million euros for the development with 15 Degree. Our partnership with 15 Degree will facilitate the development of our residential portfolio in Berlin. The investment will support both new and distressed projects in the German market, with the initial two assets totaling 156 units.
These investments follow GCM Grosvenor’s previous commitment to Place First, the UK affordable housing company owned by Matter.
David Christie, CEO of Matter Real Estate, said: “Our partnership with GCM Grosvenor continues to go from strength to strength. These two investments equip Matter with the expertise to execute its pan-European housing strategy across key markets, offering attractive growth opportunities. It shows that.
“We look forward to maintaining our continued partnership with GCM Grosvenor and welcoming other investors to these strategies.”
Peter Brafman, Managing Director of GCM Grosvenor, said: “Given the favorable supply and demand dynamics and the significant need for quality rental housing across the region, the European Housing Strategy remains a core focus of our investment program.
“We believe our strategic investment program with Matter gives us a unique access point to these markets and will enable us to generate positive outcomes for our customers and future residents.”
Click here to read the latest IPE Real Assets magazine.
