Patrizia, COSIMO Launch EUR 500M Real Estate Development Joint Venture to Build 2,000 Units in Berlin
Patrizia, an investment manager in global real assets, has formed a joint venture with Berlin-based developer COSIMO Investment Group to launch a residential development programme targeting a total development volume of up to EUR 500 million, the firm announced March 9, 2026. The initial plan calls for approximately 2,000 residential units across Berlin, a market characterized by persistently low housing supply and resilient rental demand.
Joint Venture Structure
Under the terms of the partnership, Patrizia will deploy up to EUR 200 million of equity capital through its Living investment strategy within the broader EUR 500 million development programme. The joint venture establishes a long-term structure under which projects will be evaluated and executed on an asset-by-asset basis in what the firms describe as strong micro-locations across the German capital.
The division of responsibilities is clearly delineated: COSIMO Investment Group, a family-run real estate company specializing in new residential development from initial concept to completion, will be responsible for securing development rights and managing construction. Patrizia retains responsibility for investment strategy, financing, and asset management oversight.
"Partnering with Patrizia enables us to combine local development expertise with institutional capital and long-term strategic vision," said Oral Coskun, Founder of COSIMO. "Together we will deliver high-quality housing in some of Berlin's most attractive micro-locations."
Patrizia's Pan-European Living Platform
The Berlin programme forms part of Patrizia's pan-European Living investment platform, which the firm describes as deploying capital into value-add residential opportunities in structurally undersupplied urban markets across Europe. Patrizia currently manages approximately EUR 17.5 billion in Living assets under management, within a total AUM of approximately EUR 56 billion across roughly 800 professionals in 26 locations worldwide.
Antonio Marin-Bataller, Head of Investment Management Living at Patrizia, framed the transaction as consistent with long-term demographic and urbanization trends reshaping European cities. "Berlin remains one of Europe's most compelling residential markets, driven by sustained urbanisation and a persistent shortage of new housing supply," Marin-Bataller said. "This joint venture reflects our conviction in value-add Living opportunities aligned with the long-term Living transition shaping European cities. By forward-funding high-quality residential assets in strong micro-locations, we aim to build core-quality portfolios with attractive risk-adjusted return potential."
Marin-Bataller also noted that similar opportunities are emerging across Patrizia's broader European Living platform.
Berlin Housing Market Context
The announcement comes as Berlin's residential market contends with a significant structural housing shortfall. Building permits and completions remain at historic lows, according to Patrizia, while rental demand has stayed resilient. The city has recorded some of the strongest rent growth among Germany's top metropolitan markets in recent years, according to the firm.
Real Estate Development Outlook
The Patrizia-COSIMO joint venture is structured to capitalize on what both firms characterize as a long-term structural opportunity in Berlin's housing market. The forward-funding approach — in which institutional equity is committed ahead of construction completion — is the model described by the partners for establishing residential portfolios in the market.
Patrizia has been active in real estate investment management for more than 40 years, with its investment strategy organized around what it terms "DUEL" megatrends: digital, urban, energy, and living transitions. The Berlin residential development programme aligns with the living and urban components of that framework.
No specific property addresses, square footage, or cap rates have been disclosed for the initial pipeline. Projects will be identified and underwritten individually as the joint venture progresses.