Berlin-based Catella Residential Investment Management (CRIM) has appointed Patrick Au Yeung as Fund Manager of the Catella European Residential Fund lll (CER III), its maiden pan-European residential vehicle open to international investors, with effect from October 1st. In this position he will co-manage the Fund with Managing Director Xavier Jongen.
Au Yeung previously worked as Senior Investment & Portfolio Manager International Real Estate at the real estate arm of Dutch insurer Syntrus Achmea for more than seven years. Prior to that he held various positions at ING Real Estate Investment Management & ING Real Estate Finance from 1998 until 2011, including Director Investment & Separate Accounts and Vice President Structured Finance. During this period, he was also a member of the Global Business Advisory Council at Argus Software Solutions in Houston, U.S.A. from 2007 until 2011.
Xavier Jongen, Managing Director, CRIM, said: “Patrick has broad experience and an extensive network in the European investment management industry. His deep understanding of all aspects of acquisitions from deal making to portfolio management, structuring and debt financing, will help us grow our third residential fund CER lll. Patrick will support our management to further roll out our network across European markets.”
Following its first close in July, CER III, Catella’s flagship pan-European fund, is targeting at least €1.0 billion in investments in residential real estate markets across continental Europe and made its first €42 million acquisition over the summer at Fillippahaven in the Valby district of Copenhagen.
The CER III fund’s Luxembourg-based structure provides international investors with easy access to Catella’s residential investment platform, the largest and most geographically diverse across European markets. The fund was launched with €50 million in seed capital from a German pension plan, which subsequently made a top-up investment of €20 million. Earlier this month, CRIM announced the fund had attracted its first commitment from outside Germany with €40 million from France’s Primonial REIM. Primonial REIM is one of Europe’s leading third-party real estate portfolio management companies for institutional and private investors, with around €19 billion in total assets under management.
Patrick Au Yeung, Fund Manager CER III, said: “Catella has a long track record in the pan-European residential market and I look forward to helping CRIM attract new European investors. We are well-positioned to grow and invest in modern and affordable apartments with a stable cash flow, including new developments as well as emerging segments such as senior living, student housing and serviced apartments.”
About Catella Residential Investment Management GmbH (CRIM)
Catella initiated its first one billion-euro European residential fund in 2007 and this has produced average net returns for investors of 8.2% a year since launch until end-September 2019. The first specialised European Student Housing Fund was launched in 2013.
CRIM is a subsidiary of Swedish Catella AB in Stockholm and its residential real estate business includes portfolio management, acquisition and sales and asset management. The company manages and advises several funds and mandates with assets under management of c. €3.5 billion across 10 countries in Europe.
For more 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