Berlin-based Catella Residential Investment Management (CRIM) has acquired three residential projects in Germany and the Netherlands for approximately €65 million, taking total investment volume for the Catella European Residential Fund lll to more than €100 million. Each of the properties is situated close to leading business centres in the German cities of Berlin and Munich, and the southern Dutch town of Helmond.
Patrick Au Yeung, CER III Fund Manager, said: “All three projects are located in or near leading European high-tech campuses and business hubs, where affordable housing is in short supply. With these new investments and our inaugural transaction in Copenhagen in the spring, CER III is now active in three countries in Europe. In less than six months, we are already well on our way towards our €1 billion total investment target.”
In Berlin, CER lll has bought an apartment building in Adlershof totalling approx. 5,400 sqm for circa €28 million from Airport Hotel Adlershof GmbH. Dating from 2004, the complex is currently being rebuilt and extended by 50 micro-apartments to create a total of 160 fully-furnished units. The complex, comprising business accommodation suites, a fitness area, conference room and restaurant, is located in the Berlin Adlershof Science Park, one of the most successful high-tech business districts in Germany, and Berlin’s largest media campus. The property is situated close to amenities such as shops, restaurants and cafes, and has good public transport links to the new BER Airport and Berlin’s central station.
In the southern German city of Munich, CER Ill has bought a 2,811 sqm building comprising 56 apartments from Viva Immobilien Süd GmbH for €15 million. The apartment block, which also comprises nine parking spaces and four storage units, is in the trendy residential district of Haidhausen on the eastern side of the city centre. It is close to bars, cafes and restaurants, and has good connections to Munich’s S-bahn subway line, railway stations and international airport. As the third largest city in Germany, Munich is one of the most important business hubs in the country and is home to BMW, Allianz, MunRe and other leading German companies.
In the Netherlands, CER III acquired three apartment blocks totalling 9,942 sqm in Helmond, near Eindhoven, for approx. €22 million from private investment company Reggeborgh. The complex, comprising 92 apartments with surface areas ranging from 70 to 166 sqm and 68 indoor parking spaces, is located near Helmond train station, with direct connections to the High Tech campus in Eindhoven.
The Eindhoven business park is closely associated with Dutch electronics and healthcare technology and semiconductor industry giants Royal Philips and ASML, and also houses other leading international technology companies and knowledge institutions. High-tech businesses and service sectors focusing on high-tech, automotive and manufacturing provide around 55,000 jobs in the area. Eindhoven accounts for more than 50% of the annual patent applications in the Netherlands.
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. In October, 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 assets under management.
About Catella Residential Investment Management GmbH (CRIM)
Catella Residential Investment Management (CRIM) 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 advisory services in portfolio management, acquisition and sales, and asset management. The company manages and advises several funds and mandates with assets under management of close to €4 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