Trei enters US residential market
Trei Real Estate is the real estate venture of the Tengelmann Group. The real estate platform has moved into the US property market with a €58.3m multi family development. The firm say that the developer will deliver 359 rental apartments on a plot of around 60,700 sqm in North Carolina.
The planned apartments will have 1 to 3 bedrooms. They will have a total leasble area of 32,670sqm. The development is located in Matthews. Construction completion is scheduled for early 2020. In addition, the development will be done in joint venture with a local developer, according to Trei.
Pepijn Morshuis, the CEO of Trei Real Estate, said: “Entering the US residential property market represents a natural expansion of our residential property strategy.”
About Trei Real Estate
Trei Real Estate is Tengelmann Group’s real estate platform. A property portfolio of about € 1 billion. They have a development pipeline of around € 500 million. Approximately 98% of the portfolio is rented to non-group companies.
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