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BlueRock Group AG (BlueRock), a real estate investment and asset manager based in Zurich and Berlin, has established a joint venture with M&G Real Estate (M&G) to further develop an existing portfolio of BlueRock. The partnership will provide apartments in one of Europe's lowest-supply residential real estate markets, while creating a platform to generate attractive returns for investors.
The portfolio of 302 apartments and 27 commercial units, built and managed by BlueRock, will benefit from a €47 million investment to develop 75 new apartments in the centre of Berlin and implement a comprehensive modernisation programme for the existing properties.
The portfolio includes 13 apartment buildings within the Berlin S-Bahn ring, located in some of the city's most desirable districts, including Mitte, Friedrichshain Kreuzberg, Tempelhof Schöneberg and Neukölln. These are areas where the demand for rental apartments continuously exceeds supply.
Ronny Pifko, CEO of BlueRock, comments: "With M&G, we are gaining an experienced, internationally renowned partner who shares our passion for the German capital and shares the demand for quality, responsibility and longevity. This cooperation underlines the attractiveness of our platform for institutional investors."
Peter Riley, Head of Capital Partnerships at M&G Real Estate, added: "This transaction demonstrates how M&G can provide flexible and innovative capital solutions, including secondary market deals and recapitalisations, for real estate projects and thereby generate value for our global client base. By partnering with BlueRock, we will create further high-quality housing while helping to alleviate the ongoing housing pressure in Berlin."
Since the purchase of the portfolio in 2022 and 2023, the necessary building permits for the planned local densifications have been obtained from MB Advisors, BlueRock's local partner, in Berlin, thus laying the foundations for the next project stage. Furthermore, the planning of renovations, modernizations and expansion measures was carried out, which are now being implemented with the entry of M&G. The planned projects will start in the 1st quarter of 2026.
