Greystar has completed the closing of Greystar Equity Partners Europe II (GEPE II), its pan-European residential fund, with over €2.7 billion committed.
The fund will have an investment capacity of over €6.8 billion to acquire and develop residential projects in major European cities across the UK, Spain, the Netherlands, Germany, Austria, Denmark, Ireland and France.
GEPE II is more than 76% larger than its predecessor, Greystar Equity Partners Europe I (GEPE I). The fund has closed with €2.2 billion in direct commitments, exceeding the initial target of €2 billion, and a further €550 million allocated to discretionary co-investment vehicles.
The capital has been raised from institutional investors in Europe, North America, the Middle East and the Asia-Pacific region. These include sovereign wealth funds, large pension funds and family offices, which are participating in this programme for the first time.
The fund will invest in rental housing, with a particular focus on multi-family residential properties intended for letting and student accommodation. According to the company, the portfolio will also include affordable housing aimed at the so-called ‘missing middle’ – a segment situated between social housing and the private market.
To date, GEPE II has invested or committed over €910 million across 28 transactions, totalling nearly 13,000 homes and student beds. Added to this figure are a further €425 million in advanced investment opportunities.
Among the transactions already closed is Boadilla Hills, in Madrid, a 458-home development. The portfolio also includes 1,758 student accommodation beds in Copenhagen; Barking Wharf, an operational build-to-rent community with 595 homes in London; a PBSA portfolio with 1,690 beds in Ireland, including Point Campus in Dublin; and a 561-home development in Amsterdam.
GEPE I, the previous fund, began its first divestments in 2025 and is progressing with a selective asset sale programme.
Daniel Breeden, Greystar’s senior managing director of investment for Europe, noted that the European rental housing market remains constrained by insufficient supply, limited new development output and the gap between the cost of renting and buying a home.
Wes Fuller, Greystar’s chief investment officer, stated that the rental housing sector has long-term fundamentals underpinned by demographic demand and a shortage of supply. He added that the company’s integrated model – based on investing in, developing and operating assets – enables decisions to be made on the basis of operational data.
Greystar’s European platform operates in eight countries, with over €19 billion in assets under management or operation, more than 91,000 build-to-rent homes and student beds, and around 1,100 professionals. Since its first investment in Europe in 2013, the company has completed over €30 billion in transactions in the region.
