CANNES, France (Reuters) - U.S. property firm Greystar expects to spend more than 1.4 billion euros ($1.53 billion) on European real estate this year as it looks to seize on recent price falls in France and Germany, its executive director told Reuters on Tuesday.
"The market has and continues to reprice and investors were extending and pretending and now more people are willing to sell in order to reallocate the capital," Mark Allnutt said on the sidelines of the MIPIM real estate industry gathering in Cannes this week.
"Towards the back end of last year we saw repricing in France and Germany that makes us believe that in the next 12-24 months, we'll be making a lot more investments into those countries and we recently closed some deals in Paris and Berlin," Allnutt added.
Greystar, which has about 16 billion euros of assets under management in Europe, made 1.4 billion euros of property purchases in the region last year and expects to exceed that in 2024, with apartments and student housing "top of the charts for capital allocation right now", Allnutt said.
($1 = 0.9165 euros)