Annual Figures for 2023: Trei’s Development pipeline amounts to 2.0 billion Euros

Trei Real Estate (“Trei”), an international developer and asset manager, just presented its annual figures for the 2023 calendar year. Despite the persistently challenging environment, the company managed to implement its strategy largely as planned. The property development pipeline in the countries Germany, Poland and the United States still amounted to c. 2.0 billion euros, same as last year. Assets under management (AuM) were reduced by disposals, declining from 1.6 billion euros in late 2022 down to 1.3 billion euros by the end of 2023.

Activities in 2023 concentrated on strategic realignment. To this end, Trei divested itself of its national subsidiaries in the Czech Republic and Slovakia – and with it from all the real estate it owned in those countries. Moreover, it sold off completed developments in Germany, Poland and the United States. Overall, Trei disposed of real estate in a combined value of c. 500 million euros.

Pepijn Morshuis, the CEO of Trei Real Estate, elaborated: “In 2023, we consolidated the focus on our three core countries, which are Germany, Poland and the United States. While the development pipeline and AuM saw no growth in absolute figures, the two business divisions of Retail and Residential were bustling with activity. This is explained by the fact that, in addition to the sales of retail real estate in the Czech Republic and Slovakia, the company either sold completed residential developments or added them to its own portfolio. But even more important in times like these: We managed to kick off new construction projects in all three of our focus countries.”

Morshuis went on to say: “Important to note is that we kept on building in 2023 despite all the various challenges. Overall, we now have ten projects under construction with a combined volume of c. 500 million euros or the equivalent of one quarter of our entire development pipeline.”

The acquisitions Trei completed in 2023 were limited to plots of land in Poland and the United States. No new land was acquired in Germany.

Trei will keep implementing this strategy just as planned in 2024. This means developing residential real estate in Germany, Poland and the USA. In Poland, the company also develops retail parks under the Vendo Park brand. With a view to the year now underway, Morshuis said: “We are planning to complete another five Vendo Parks in Poland in 2024. This will bring the number of our retail parks up to a total of 43. In addition, we intend to complete 1,000 residential units. About 800 thereof will be located in the United States and about 100 each in Germany and Poland.”