Maastricht-based Catella Investment Management Benelux (CIMB) and Catella Residential Investment Management (CRIM) have acquired the ‘Project Twin’ residential complex in Osdorp, a suburb to the west of Amsterdam, from Heitman LLC, a global real estate investment management firm. The two 11-storey buildings – Tower I and III – are located by a canal and park on the Jan van Zutphenstraat and comprise 196 mid-range rental apartments spread over approximately 20,000 sqm, as well as 208 parking spaces. The properties were purchased on behalf of an institutional mandate, managed by CRIM. Financial details were not disclosed.
Ralph Willems, Sr. Acquisition Manager CIMB, said: “These two assets are a perfect example of our residential investment strategy. The rental apartments are very affordable by Amsterdam standards, which is one of the strongest residential markets in the Netherlands. With inner-city house prices continuing to rise, a growing number of people are understandably moving away from urban centres and looking for affordable accommodation and more space on the outskirts of cities, a trend that has accelerated since the Covid-19 pandemic. We are confident these two properties will command a high level of interest, in particular from young professionals and families, thanks to their attractive location and close proximity to one of the most appealing and prosperous cities in the country.”
Tony Smedley, Head of European Private Equity Heitman: “During the past several years, we have focused extensively on investing in the Living Sectors across Europe, which encompass rented-residential, senior living, and student housing, Heitman’s vast market knowledge and deep history investing in Amsterdam real estate allowed for us to implement our business plan ahead of schedule and deliver an attractive outcome for our investors in a market currently experiencing strong demand dynamics accompanied by shallow supply.”
The two buildings were completed in 2007 and are part of a larger complex comprising two additional owner-occupied residential blocks - Tower II and IV. The residential complex is within walking distance from a wide range of amenities such as the Osdorpplein shopping centre, supermarkets, several primary and secondary schools and a number of local retailers.
The centre of Amsterdam can be reached within roughly 25 minutes by bike or public transportation. Osdorp also has good rail links to Schiphol International Airport and easy access to the A4 motorway connecting Amsterdam to The Hague and other cities in the Randstad conurbation in the west of the Netherlands, including Utrecht and Rotterdam, a region with over eight million inhabitants.
Catella was advised by Allen & Overy. Eastdil Secured and Greenberg Traurig acted on behalf of the seller.
About Catella Investment Management Benelux (CIMB)
Catella Investment Management Benelux (CIMB), located in Maastricht, is part of the Catella group, an independent financial advisor, fund and asset manager with approximately 600 employees in 14 countries. Our parent company Catella AB is listed on Nasdaq Stockholm in the mid-cap segment.
CIMB is the local office that offers acquisitions and asset management to all Catella funds in the Netherlands, Belgium and Luxembourg which actively participates in the initiation of new funds such as the Catella Dutch Residential Fund II and the Catella European Residential Fund III. CIMB currently has approximately €1.4 billion in assets under management in the Benelux and expects to make acquisitions totalling €300 million in 2021.
For further information contact:
Lisette van der Ham
Head of PR & Corporate Communications
Catella Residential Investment Management GmbH
Upper West, Kantstraße 164, 10623 Berlin
M: +31 (0)6 83200561
Senior. Acquisition Manager
Catella IM Benelux (CIMB)
NL-6221 JJ Maastricht