Trei Real Estate invested €225m in developments in 2024

Trei Real Estate in 2024 invested €225 mln in property developments and completed eight projects worth approximately €365 mln. 

Pepijn Morshuis

The completed projects included five residential developments in Germany, Poland, and the United States, totalling 1,038 residential units, along with three retail parks in Poland. These completions reduced Trei's development pipeline from €2.0 bn to €1.6 bn, while assets under management remained stable at €1.3 bn.
Trei's 2024 developments spanned its core countries. In Germany, the Fischerhof project in Mainz (88 apartments) was completed, and a new 140-apartment development started in Düsseldorf. Three completed apartment complexes in Berlin were also sold. In Poland, the fourth phase of the Bacciarellego 54 residential project in Wrocław (277 ownership apartments) was finished, and construction commenced on the Osiedle BLASK project in Łódź (around 214 ownership apartments). Additionally, three Vendo Parks totalling 35,400 m2 of lettable area were completed, expanding the retail park portfolio to 41 sites.
To finance its development activities, Trei secured approximately €271 mln in debt funding in 2024, bringing the company's debt-to-equity ratio to 39%.
Pepijn Morshuis, the CEO of Trei Real Estate, commented: “Despite the challenges in the market environment, we managed to make targeted investments, to complete several large residential projects and to sell a number of residential and commercial properties at a profit. In the process, we actually exceeded our set target for 2024, which was 1,000 units completed. We concentrate on the construction and development of residential real estate in our three core markets, with the focus of the residential projects remaining on Poland and the southeastern United States. Another focus is on the expansion of our Vendo Park portfolio in Poland, where we are planning to open four to five new venues this year.”
Trei's current development pipeline consists of approximately 4,650 residential units globally. This total includes about 1,750 rental and ownership apartments in Poland, 1,650 rental apartments in the United States, and 1,250 rental apartments in Germany. The company anticipates completing around 1,087 residential units throughout 2025.