Greystar closes Europe’s largest residential fund with over €2.7 billion in total commitments

London, UK - 2 June 2026 -
Greystar, a global leader in the investment, development and management of rental housing, today announced the final close of Greystar Equity Partners Europe II ("GEPE II") at over €2.7 billion of total programme commitments. This establishes GEPE II as the largest pan-European value-add residential fund raised to date. The discretionary mandate provides Greystar with more than €6.8 billion of investment capacity across acquisitions and development in key European cities.

Following the final close, GEPE II is over 76% larger than its predecessor, Greystar Equity Partners Europe I ("GEPE I"), on a total programme basis, with €2.2 billion committed to the fund (above the €2.0 billion target) and an additional €550m committed to discretionary co-investment vehicles. The successful closing of GEPE II marks another significant milestone for Greystar's global value-add fund program, which includes fund series managed in Europe, the United States, and Asia-Pacific.

GEPE II attracted capital from a globally diversified institutional investor base spanning Europe, North America, the Middle East and Asia-Pacific, with commitments anchored by sovereign wealth funds and leading pension institutions. The calibre and breadth of the LP base - including first-time commitments from family office capital - reflects both the depth of institutional conviction in European rental housing and the strength of demand from new investor segments.

The fund is being deployed across acquisition and development opportunities in key European markets including the UK, Spain, the Netherlands, Germany, Austria, Denmark, Ireland and France. Greystar will rely on its existing platform and long-tenured leadership team to invest in markets with structural undersupply, favourable demand dynamics and high barriers to entry.

GEPE II will invest across the rental living sector with a focus on purpose-designed multifamily and student accommodation ("PBSA"). The fund's portfolio is expected to include new-generation assets with high sustainability standards and assets with attainable rents that will provide high-quality housing for the "missing middle" in an environment of increasing homeownership costs. Greystar's commitment to sustainability is evidenced by GEPE I's portfolio receiving a 5-star rating in the 2025 GRESB Real Estate Assessment, with assets certified under leading standards across its markets, including AirRated in the UK, the House Performance Index in Ireland and HQE in France.

To date, more than €910 million of equity has been invested or committed through GEPE II across 28 investments totalling close to 13,000 homes and beds, with a further €425 million in advanced pipeline opportunities, reflecting strong early momentum and a robust investment pipeline.

GEPE II investments include Boadilla Hills in Madrid, Spain, a 458-home development; a 1,758-bed PBSA portfolio in Copenhagen, Denmark; Barking Wharf in London, UK, a 595-home operational build-to-rent community; an assembled 1,690-bed PBSA portfolio across Ireland, including Point Campus in Dublin; and &Amsterdam in the Netherlands, a 561-unit development acquired as a value-add opportunity. Together, these investments illustrate Greystar's ability to source and execute opportunities across its target markets at attractive entry points. GEPE I completed its first asset disposals in 2025 and is progressing a selective exit programme as its portfolio matures.

Greystar's European platform spans eight countries, with more than €19 billion in assets being managed or operated, over 91,000 BTR homes and PBSA beds, and around 1,100 team members on the ground. This scale underpins its ability to source, execute and manage assets with consistency. Since its first European investment in 2013, Greystar has completed more than €30 billion in residential property transactions across the region for its funds and other vehicles, building the local expertise and relationships that support its investment and operational capabilities.

Daniel Breeden, Senior Managing Director - Investment, Europe, Greystar, said: "European rental housing remains one of the most compelling places to deploy capital. We are seeing markets that display chronic undersupply, constrained new delivery and a widening gap between the cost of renting and owning. We believe that patient, operationally capable investors are best placed to capitalise on these conditions - and GEPE II's goal is to do exactly that.

"What gives me confidence is not just the market backdrop, but what our teams have built across Europe over the past decade. That depth of presence has translated into increased deal flow through the relationships, local credibility and judgement that have supported us to move decisively when the right opportunities emerge, and to create homes that people are proud to live in.

"Closing above target size, with capital from some of the world's most sophisticated long-term investors, reflects their confidence in that approach. Across Europe, access to high-quality housing is becoming one of the defining pressures on urban life, and we believe long-term institutional capital has an important role to play in addressing that."

Wes Fuller, Chief Investment Officer, Greystar, said: "In our view, rental housing is one of the most compelling long-term investment themes in global real assets. It is structurally supported by demographically driven demand and chronic undersupply and has historically demonstrated resilience across economic cycles -performing better than other property sectors through both the Global Financial Crisis and the pandemic - and it addresses a genuine social need. We have seen this combination drive institutional capital towards the sector, and towards vertically integrated operating platforms that can execute at scale.

"What makes Greystar different is the breadth of what we do within a single expertise. Operating more than 1.1 million homes globally gives us real-time data and operational insight that informs every decision we make. That integrated model - investing, developing and operating under one roof - has enabled us to consistently generate alpha at the asset level in the GEPE series through NOI growth and operational excellence, rather than relying on cap rate compression or financial engineering.

"With GEPE II, we are using our scaled platform across Europe at a point in the cycle where we observe that markets have repriced, entry yields have improved, new supply is constrained and the underlying demand story has only strengthened. We are focused on the markets where we see the strongest long-term fundamentals and the greatest opportunity to deliver on our target of attractive risk-adjusted returns for our GEPE II investors."