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2020-11-23 8:53 CET, Europe, Benelux, Germany | Property Investment Management | Press release

Catella CER III Fund Buys Residential Developments in Austria and The Netherlands for €90 Million

Berlin-based Catella Residential Investment Management (CRIM) has purchased two apartment developments in Vienna, Austria and one in Nieuwegein near by Utrecht in The Netherlands for a total of around €90 million. The acquisitions have been made on behalf of the Catella European Residential Fund III (CER III).

CER III focuses on affordable housing and undersupplied sub-segments in residential markets and successfully raised €180 million of additional equity during the summer this year. The Fund is part of the €4.4 billion AUM Catella Residential investment platform, the largest cross-border investor in this property sector in Europe.

Xavier Jongen, Managing Director CRIM, said: “The two acquisitions in Vienna mark our entry into a sixth European country since the CER III Fund launched 18 months ago. European residential real estate has shown its resilience relative to other investment property sectors during the Covid-19 pandemic and particularly in Austria. Catella’s latest Austria residential ‘Market Tracker’ research shows apartment values rose, on average, 9.5% in the first three-quarters of this year and yield compression has persisted in the multi-family sector across all cities. We expect demand for residential real estate to remain high, notably from international investors, whose share of the market has climbed to 45%, confirming Austria’s position as a preferred European investment location.”

The two properties in Vienna are turnkey developments. The first is located in the 21st district of Vienna, close to the Floridsdorf train station. The 155-unit project, with 51 underground parking units and 265 bicycle stands, is in the Schöpfleuthnergasse area and was acquired for €40 million. The ‘U-shaped’ building will include well-designed one to four-room apartments, averaging 55 square metres per unit, suitable for single households or small families. Each apartment will have access to either a garden, balcony or terrace. The project will be completed in 2022 and aims to achieve a ÖGNI Gold certification.

The second acquisition for around €20 million, ‘Klosterneuburg,’ is a 70-unit property, comprising two to four- room apartments with either a garden, balcony or terrace, overlooking local vineyards. The development is in one of Vienna’s most attractive suburbs with excellent transport links and will be completed in 2021.

The Dutch development is located in Edisonbaan, Nieuwegein, close to Utrecht and was acquired for about €30 million. ‘Park Rijnhuizen’ consists of nine office blocks, CER III bought four of them, which will be transformed into 111, two to four-bedroom apartments, each with its own parking space. The average size of each apartment will be 62 square metres. In total, the development will offer 6,958 square metres of residential floor space and 140 square metres commercial space, existing of offices and lounge area. The development will achieve an A+ energy rating, compliant with Dutch legislation coming into force in 2030. The development is part of the ‘Edelwonen’ concept’, the overall development, rental, delivery and property management is being facilitated by Edelwonen and delivered by the BouwhuisGroep BV.

Patrick Au Yeung, Fund Manager for the Catella European Residential Fund III said: “The Nieuwegein project exemplifies how we can meet today’s housing shortage and affordability issues by transforming offices to residential use. As inner-city prices continue to rise, it is logical for people to move to the suburbs and this asset is a perfect example being close to Utrecht, with all the services the fourth largest city in the Netherlands has to offer, and suitable for a wide range of residents, including young people, families and older residents.

Download Catella Market Tracker: Residential Austria 2020


Figure 1.  Vienna - Schöpfleuthnergasse Development


Figure 2. Nieuwegein - Park Reijnhuizen Development


About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 with a volume of close to €1.5 billion and it has since achieved an average net return for investors of 8.6% per year until the end of Q3 2020. 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 €4.4 billion across 10 European countries.

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