Brookfield is investing an undisclosed amount in Empira’s large-scale multi-family real estate development project in Cologne, Germany.

The build-to-rent development project involves the conversion of a former office property.

The site is owned by Empira-managed funds. Brookfield is investing through its real estate solutions group.

“We are proud to have partnered with Brookfield on a project of this size, given the current financing constraints present across the sector,” said Marcus Bartenstein, Empira’s managing director, in a news release.

“We believe that the market needs more Build to Rent projects like this to supply rental apartments for the growing population. This project is offering one to five room apartments for all types of tenants, with 10% as subsidised apartments.”

The development is slated to comprise 752 multi-residential units and an additional 53,820 square feet worth retail spaces, children’s play areas, green inner courtyards, open spaces and a daycare centre.

Zug, Switzerland-based Empira has appointed German construction company MBN as the main contractor. Construction is slated to conclude in 2027.

“We are pleased to provide a bespoke investment solution for Empira to support their redevelopment of an outdated office asset into a modern, vibrant urban residential development in Cologne,”: said Alex Prevot, managing director of Brookfield’s real estate solutions business.

“We look forward to working together to complete the project and are looking into further opportunities together, as we seek to collaborate with experienced partners and investors to provide bespoke liquidity solutions for high-quality assets.”