The Value of Clean Air

A collaboration between DWS and Global Action Plan (GAP). We are proud to launch the key findings from our latest white paper.

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DWS, a global real estate manager and 'Living' sector expert.

Our deep knowledge of European residential spans over 15 years, along with a real estate investment heritage of more than 50 years.

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Track record

'Living’ portfolio

  • European AUM: €7.1bn[1]

  • Global AUM: €11.7bn

Asset value_Grey.svgExpertise

  • 15 years investing in the 'Living' sector

  • 50 years investing in real estate globally


Robust local network

6 European office locations


ESG Integration

green label assets globally[2]

Pursuing opportunity in an uncertain market

As featured in the latest edition of IPE Real Assets (May/June 2022)

Read the full article by our real estate experts

" As a dominant investor in the living sector we have a continuous pipeline of strong investment opportunities and proven asset management capabilities in operational sectors. This combines with a robust ESG integrated and measured investment process.

Jessica Hardman Head of European Portfolio Management, DWS

Stability, access and outperformance - why European residential is rising up the agenda

With strong fundamentals and a record of stable returns throughout the cycle, European residential has become increasingly popular. For a number of years, the residential rented sector has been rising up the agenda of many institutional investors. Not only has the sector recorded some of the highest returns in Europe over recent years, the perception of residential as a safe-haven investment was once again reinforced throughout the 2020 pandemic. Furthermore, with new residential markets opening up to institutional investment, the ability to access the market is also increasing, and with this we strongly believe the sector is well set to become a major part of the real estate universe.

DWS: A leading institutional investor in the living sector

As institutionalisation in the European residential market continues, investors can leverage DWS's extensive track record built over 15 years of investing in this sector for our clients. With an established local presence in key European markets, we have built a substantial portfolio across the full spectrum of Residential, Student, Healthcare and Hotel sectors for investors.

DWS has an experienced team and extensive network of market contacts, professional advisers and specialist operational partners. An investor can leverage this expertise to build out their European exposure to the 'Living' sector.


Specific investment themes

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Resilience: The residential rental sector in European has proven defensive at times of market stress, sustaining high levels of occupancy, more stable rents and below average return volatility.


Increasing demand: Falling levels of owner occupation, smaller household sizes and fast growing cities support a rising level of demand for residential rental accommodation.

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Suburbanisation: regional and intra-European migration remain a key driver for urbanisation, but suburbanisation is growing in importance among existing residents, particularly young families.


Constrained supply: Most major European cities are seeing a persistent undersupply of new residential stock, supporting high occupancy and rental growth.


Working from home: Demand for larger residential units and "office space at home" is increasing. Due to better affordability, but also improving infrastructure and falling "commuter costs", non-central locations are expected to benefit the most.


A proud heritage investing across “Living” sectors.

View this video to learn more from our experts

Research - read our latest house views on the European 'Living' sector

Picture for illustrative purposes only.

Experience investing across the residential spectrum

Over EUR 11.7 billion globally of assets in the 'Living' sector*

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1 US data as at March 2021
* Living includes Residential, Student Living, Healthcare and Hotels.
Source: DWS as at August 2021. USD: EUR 0.8178

Experience in action – read our recent 'residential' announcements

We are committed to integrating ESG throughout the investment process

DWS has deep experience across multiple operational structures in the 'Living' sector


Source: DWS, March 2021. Pictures for illustrative purposes only.

Read more about our real estate capabilities covering equity and debt strategies.

1. DWS as at August 2021

2. Green label assets include those with 3rd party designation, such as LEED or BREEAM, data as of December 2020.

3. Sources: DWS, MSCI, Eurostat, OECD, Oxford Economics, 2021. As of December 2020.
The comments, opinions and estimates contained herein are based on or derived from publicly available information from sources that we believe to be reliable. We do not guarantee their accuracy. This material is for informational purposes only and sets forth our views as of this date. Past performance or any prediction or forecast is not indicative of future results. Investments are subject to risks, including possible loss of principal amount invested.

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