Catella European Residential Fund Buys Kraków Mixed-Use Apartments and Student Units from Hines for €20 Million

Viktoria Hoffmann, Investment Advisor for Catella European Residential, said: “Catella residential’s third investment in Poland and our first outside Warsaw, brings further pan-European diversification to CER and means the fund’s total assets under management have now hit €1.5 billion. Kraków is Poland’s second largest city and not only a major tourist destination, it is also the place where the fast-growing business process outsourcing industry is increasingly choosing to locate. BPO companies occupy more than half a million square metres of offices in Kraków.”

The 154 new apartments and 139 student units (run in the future under the name “Trio Kraków”) purchased by CER, which is managed by Berlin-based Catella Residential Investment Management (CRIM) and Catella Real Estate AG (CREAG), are part of a large new residential development scheme constructed by Hines and located close to the old city centre and market square.

The residential apartments extend over two buildings, with the student accommodation in a third, and all are characterised by modern architectural design with large windows, balconies and terraces. The new developments have been completely finished and partly fitted out, with the first occupants moving into their new homes in January.

Dariusz Węglicki, Daweg Asset Management and the Catella Residential IM partner in Poland, concluded: “Kraków is one of the fastest expanding cities in Poland, attracting young people from around the country and neighbouring states to study and work. The city has some of Poland’s best universities and the growing number of jobs in the BPO sector are also a big draw.”

ENDS

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-Q3 2019. The Team launched also the first specialised European Student Housing Fund 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. CRIM manages and advises several funds and mandates with assets under management of c. €4 billion across ten 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
E: lisete.vanderham@catella-investment.com
W: www.catella.com/wohnimmobilienfonds
W:www.catella.com/residentialfund
E: lisette.vanderham@catella-investment.com

Dariusz Węglicki
DaWeg Asset Management
M: +48 603110010
E. Dariusz.Weglicki@daweg.pl
W: http://www.daweg.pl/kontakt.html