Trei Real Estate (“Trei”), an international developer and asset manager, just released its 2024 figures, reporting a successful financial year. On the whole, the company invested 225 million euros in property developments and sold residential and commercial real estate worth 446 million euros. It completed eight projects in a total volume of c. 365 million euros, including five residential projects in Germany, Poland and the United States with a combined total of 1,038 residential units plus three retail parks in Poland. The completion of these projects reduced the development pipeline from 2.0 billion euros to 1.6 billion euros year on year. The company’s assets under management (AuM) remained stable at 1.3 billion euros.
Pepijn Morshuis, the CEO of Trei Real Estate, commented: “2024 was a strong year for Trei. 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. In a market defined by a shortage of new-build homes, this is a result we have reason to be proud of. We continue to focus on our three core markets, these being Germany, Poland and the United States. Especially on the US housing market, we managed to strengthen our position last year and to release capital for future developments.”
Trei concluded property developments in all three of these core countries in 2024. In the United States, three multi-family projects with around 850 rental apartments were completed. In a parallel move, the company kicked off the construction works for two new multi-family projects in the state of Florida, which will deliver a combined total of 630 rental apartments. In Germany, the Fischerhof project in Mainz with its 88 apartments was completed while construction work at a new development of 140 apartments started in Düsseldorf. Three apartment complexes in Berlin were sold that had been completed on the sites of former single-storey supermarkets between 2020 and 2022. In Poland, the fourth construction phase of the Bacciarellego 54 residential project in Wrocław, which consists of a total of 277 ownership apartments, was completed. In Łódź, construction of the Osiedle BLASK project got under way, which will deliver c. 214 ownership apartments. In addition, three retail parks of the Vendo Park branch with a total of 35,400 square metres of lettable area were completed, bringing the portfolio count up to a new total of 41 sites.
In order to continue its property development activities, Trei took out c. 271 million euros in debt funding in 2024. As a result, the company’s debt-to-equity ratio now equals 39 percent.
Morshuis added: “Our strategy has stayed the same: 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 south-eastern 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. Despite the market challenges, we are confident of our ability to complete our projects in 2025 successfully and on schedule once again.”
Trei’s development pipeline currently includes around 4,650 residential units. The total breaks down into around 1,750 rental and ownership apartments in Poland, around 1,650 rental apartments to be created in the United States, and around 1,250 rental apartments planned in Germany. The company expects to complete a total of around 1,087 residential units in 2025.