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  4. Freshfields advises PSP Investments on joint venture with Goldman Sachs Alternatives to invest in single-family rental housing in Germany
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Freshfields advises PSP Investments on joint venture with Goldman Sachs Alternatives to invest in single-family rental housing in Germany
Jul 22 2025

Global law firm Freshfields is advising Public Sector Pension Investment Board (“PSP Investments”), one of Canada’s largest pension investor in relation to a strategic joint venture with Goldman Sachs Alternatives to invest in newly built single-family rental housing across Germany.

The parties have initially targeted €550 million of equity to the joint venture’s investments, providing total investment capacity of approximately €1.2 billion. PSP will contribute 90% of the capital, with Goldman Sachs Alternatives contributing the remaining 10% and acting as investment manager.

The venture will target stabilised newly built and development assets from leading housebuilders, offering high-quality homes in desirable suburban areas in Germany. The homes will be operated under a unified, tech-enabled platform and brand to ensure a consistent and professionally managed resident experience.

The Freshfields team is being led by partner Timo Elsner in Germany and associate Will Kellett in London and also includes partners Richard Johnson and Alexander Watt in London. In addition, a cross-border Freshfields team has provided support on various aspects of the investment, including partner Claude B. Stansbury and counsel David Nicolardi in Washington, partners Sarah Katz and Alison M. Hashmall in New York, partner Lutz Riede in Vienna and partners Mary Lavelle and Ben Morgan in London.

Team
Frankfurt am Main
Timo ElsnerPartner
London
William KellettAssociate
London
Richard JohnsonPartner
London
Alex WattPartner, Global Co-head of Real Assets, Head of London Private Equity Real Estate Group
Washington, DC
Claude StansburyPartner
Washington, DC
David NicolardiCounsel
New York
Sarah KatzPartner
New York
Alison M. HashmallPartner
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