Trei Real Estate (“Trei”), an international developer and asset manager, just presented its mid-year figures for 2025: Assets under management (AuM) increased from 1.3 billion euros by the end of 2024 to 1.4 billion euros today. The growth is mainly explained by the transfer of completed residential projects in the United States into the company’s proprietary holdings. The developments Alta Ivy (Cary, North Carolina), Atlantic Nowell Creek (Charleston, South Carolina) and Apela House (Jacksonville, Florida) comprise a combined total of 905 apartment units and a total investment volume of c. 233 million euros. As a result of the completions, the development pipeline volume decreased from 1.6 billion euros by year-end 2024 to c. 1.4 billion euros at mid-year.
Moreover, Trei sold 124 million euros worth of residential and retail real estate – including the apartment complex Queens Wedgewood Houston in Nashville (Tennessee) and, in Germany, the rental housing project Fischerhof at the Zollhafen locality in Mainz, as well as retail developments in Freiburg and Mülheim, and a plot of land in Ottendorf. At the same time, Trei acquired a plot on Merritt Island in Florida where the construction of a multi-family development that will deliver 296 apartments is now under way.
Pepijn Morshuis, the CEO of Trei Real Estate, commented: “We managed to continue our growth trajectory in the core markets during the first half of 2025. Especially the completion of three major residential developments in the United States and their transfer into our proprietary portfolio show how consistently we implement our ambitious goals. With 905 units completed so far, we are now within reach of our year-end target of 1,087 apartments. We were also able to keep pursuing our activities in Germany by starting construction of the Weyprechthof development in Munich even though the situation there remains challenging due to all the red tape and regulatory hurdles.”
With roughly 4,000 residential units in development or under construction, Trei’s development pipeline remains on a robust level. While the number of residential units under development is stable in Germany (about 1,250) and Poland (about 1,750), the number of units in the pipeline in the United States declined from 1,650 to about 1,000 units after completed units were transferred into the proprietary portfolio. In addition to its residential projects, Trei is making progress with the expansion of its retail park portfolio of the Vendo Park brand: The portfolio has now grown to 42 markets. It is planned to open another three sites during the second half of 2025.
To ensure the continuation of its development activities, Trei took out approximately 101 million euros in bank financing during the first half of 2025. As a result, the company’s debt-to-equity ratio now equals around 38 percent.
Morshuis added: “We stay focused on residential real estate in highly coveted markets. We are aware of persistently strong demand for modern rental apartments in the United States, Germany and Poland. This puts our growth outlook on solid footing because we have around 4,000 units in our development pipeline. On top of that, the expansion of our Vendo Park portfolio further contributes to the diversification and stability of our overall portfolio.”