Multiple investors, led by Greystar Real Estate Partners, announce first close of $450mn China focused fund

Greystar Real Estate Partners, a global investment, development and management company operating in the high-quality rental housing space announced this week the first close of a US$450mn fund in equity commitments. Also involved in the project are Greystar’s partners APG Asset Management, Bouwinvest Real Estate Investors, and MIRA Real Estate (which is part of Macquarie Infrastructure and Real Assets).

Based in Charleston, SC, Greystar oversees the operation of approximately $115bn of real estate in over 180 markets. It is also the largest operator of apartment infrastructure in the United States, with approximately 500,000 units/beds under management.

Together, the partners will combine their substantial experience and resources in the China region to support Greystar and Macquarie Infrastructure and Real Assets’ Asia-Pacific rental housing platform, which launched in 2018. The partners believe the platform will become the “pre-eminent, vertically integrated owner, developer, and operator of rental housing in Asia-Pacific.”

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“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.”

“We are in the process of building a vertically integrated local team with specialists in development, investment and operations unique in this market. The team will be locally managed but supported by Greystar’s global team, network, and capital,” said Charles Ma, Managing Director for Greystar in China. “We will lead in professionalizing the rental housing industry in China and are uniquely positioned to do so. Our investment strategy will allow us to develop a significant rental housing pipeline in China and grow our platform to realize the tremendous opportunity we see in the region.”