Catella Investment Management Benelux (CIMB) and Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) have sold a 3,904 sqm prime office/residential property in The Hague for more than €15 million to an Irish assurance company. The property was originally purchased in 2012 for the Sarasin Sustainable Properties - European Cities Fund, an institutional fund jointly managed by CREAG and Bank J. Safra Sarasin with assets under management of more than €600 million.
The fully-let multi-tenant office building is centrally located on Casuariestraat 5-35 in The Hague and is anchored by engineering firm DGMR. The complex offers 42 parking spaces and the top floor includes 10 residential units with an average floor space of approximately 64 sqm.
Iris Gozé and Jeroen van Maaren, Asset Managers at CIMB, said: “The performance of this asset has exceeded our original target, achieving an annual return of more than 12%. The capital can now be reinvested to secure assets that are more in line with the Fund’s current investment strategy. After a 10-year holding period, we are capitalising on the strong returns achieved for the Fund and taking advantage of European investor demand for well-let, high-quality office space with residential units.”
The Hague is located in the west of the Netherlands in the Randstad metropolitan area, which comprises parts of the provinces of North Holland, South Holland, Flevoland and Utrecht. Including Amsterdam, Rotterdam, Utrecht and The Hague, the region is the economic heart of the country and home to 40% of the Dutch population.
About Catella IM Benelux
Catella Investment Management Benelux (CIMB) is part of the Catella group, a leading specialist in property investments and fund management with operation in 13 European countries and approximately 550 employees, including approximately 25 employees in the Benelux. The group manages assets of approximately €11 billion (October 2021). Catella is listed on Nasdaq Stockholm in the Mid Cap segment.
CIMB is the local office that offers fund, acquisition and asset management for all Catella-managed funds with an allocation to the Benelux region. CIMB has a broad real estate portfolio with some 75% invested in residential property and the balance in commercial assets. CIMB currently has about €1.5 billion in assets under management in the Benelux and is anticipating investing some €600 million per annum in these markets over the next few years.
CIMB is a member of the Catella European residential network alliance. Catella’s European residential network one of the largest cross-border investment platforms for residential real estate in Europe with total assets under management of more than €5 billion.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 with a volume of €1.6 billion and it has since achieved an average net return for investors of more than 9.0% per year until the end of Q2 2021. The team also launched the first dedicated European Student Housing Fund in 2013.
CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several funds and mandates and has assets under management of more than €5.0 billion across 10 European countries.
For more information, please 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