PGIM Real Estate has launched OmniLiv, a residential platform dedicated to developing and redeveloping micro-living properties for students and young professionals in Germany’s biggest cities. The platform is owned by PGIM Real Estate’s closed-ended European value-add strategy.
OmniLiv will focus on developing a portfolio of micro-living residential across the top seven German cities with a focus on Berlin, Munich and Frankfurt. The platform also has flexibility to partner with developers on projects. OmniLiv has already secured a strong pipeline of investments.
The rising population in urban areas and Germany’s growing international student market is providing a favourable backdrop to for-rent residential, including micro-living and student housing, especially in cities with high density and a growing young population.
The platform aims to capture this demand from these young professionals and students, offering affordable, flexible and community-orientated living solutions in urban centres.
“Undersupply in the living sector is chronic and, as one of the largest global investors in the living sector, we are noticing the needs of several demographic groups changing.
“OmniLiv focuses on meeting the changing needs of local residents in Germany by targeting supply-constrained locations. We are confident that with the team appointed, led by Rainer Nonnengaesser who has strong local expertise and knowledge, we can aim to generate strong rental growth and alpha for our investors.”
Nabil Mabed, Head of France, Spain and Portugal, PGIM Real Estate
To run the platform, PGIM Real Estate is hiring a team of experienced specialists with strong expertise in acquisitions, developments and operations in micro-living and PBSA value-add investments in Germany.
Rainer Nonnengaesser has been appointed to lead the platform. With over 20 years of experience, he joins from Amro Student Living where he was Head of Northern Europe.
“Lack of high-quality residential supply continues to drive investment opportunities across key cities in Germany. Backed by an experienced team and a strong initial deal pipeline, the platform has launched with strong momentum.”
Rainer Nonnengaesser, Managing Director, OmniLiv
Since its launch in 2015, PGIM Real Estate’s European value-add series has had a disciplined focus on Europe’s largest metropolitan markets, carrying out 35 transactions worth close to US$3bn across the UK, Germany, France, Spain and Italy to date. Over 70% of these transactions were sourced off-market.
With US$212bn in AUM, PGIM Real Estate is currently the third-largest real estate investment firm globally.
