Berlin-based investment manager Catella Residential Investment Management GmbH (CRIM), a subsidiary of the Swedish Catella Group focused exclusively on the residential asset class, has acquired a total of 23 recently completed residential units and one commercial unit with 2,223 square metres of leasable space in the Weißensee district of Berlin’s Pankow borough for EUR 11.4 million for a single-client fund of a southern German insurer.
The investment fund is managed by Institutional Investment Partners (2IP). CRIM will be responsible for the portfolio management of the residential portfolio of the fund, which has been designed for an insurance undertaking in southern Germany.
Completed in 2017 on land measuring 574 square metres, the building has 12 underground car parking spaces. The property is in the Pankow borough, directly next to Prenzlauer Berg and within easy reach of the Weißensee local recreational area. Alexanderplatz is only 10 minutes’ drive away. In addition, a number of shopping facilities and public transport stations are close enough to walk to. The sellers are Danish private investors.
The units are located on 5 full-height storeys and one fully developed roof space level. Every apartment has state-of-the-art appointments and at least one balcony. Other features include under-floor heating and parquet floors.
“Almost all of Berlin’s boroughs continue to have strong demand for residential accommodation in all price categories. The property is a recent build, boasts modern floor plans and benefits from its popular central location. Given its sustained secure cash flows, we are convinced that our investor will enjoy ownership of the building for many years to come,” says Michael Keune, Managing Director, Catella Residential Investment Management GmbH.
The investment fund is administered by Institutional Investment Partners (2IP) as an investment KVG.
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