Berlin-based Catella Residential Investment Management (CRIM) has acquired an Austrian residential development for around €70 million on behalf of the Catella European Residential Fund (CER) from Austrian property developer Wohnkompanie. The purchase follows a €100 million equity ‘top-up’ to the Fund from existing investors in September 2020 and was carried out through Catella Real Estate AG’s AIFM platform.
The 217-apartment Höchstädtplatz complex is currently under construction close to Nordwestbahnhofviertel, one of Central Europe’s largest urban renewal projects covering an area of 44 hectares in the south of Vienna’s 20th Brigittenau district. Together with the neighbouring 2nd Leopoldstadt district, both areas form a large island in the heart of the city bordered by the Danube River and the Danube Canal, characterised by recreational green spaces on the banks of the waterways. Millennium City, Austria’s most visited retail and entertainment centre is nearby the Höchstädtplatz, with its wide range of stores and indoor leisure operators.
The residential project comprises two eight-storey buildings with excellent transport links and is being developed along low energy consumption sustainability principles. Altogether the complex will provide 13,800 sqm of lettable space, a ground-floor supermarket and two floors of underground car parking with 146 parking spaces, as well as storage facilities. It is expected to be completed in the fourth quarter of 2022.
Benjamin Rüther, Head of Fund Management CRIM, said: “Modern, purpose-built and energy-efficient: the Höchstädtplatz acquisition is a perfect long-term fit for CER and brings the Fund’s allocation in Austria close to 10%. It demonstrates the Fund manager’s active approach to portfolio optimisation and follows the recent sale of a €100 million portfolio in the Netherlands, which no longer met its investment criteria.”
Launched in 2007, CER was the first pan-European open-ended real estate fund established in Germany with a clear focus on residential property and it is now the largest of its kind with over €1.5 billion in assets under management (AUM). CER is part of the Catella residential investment platform, the largest cross-border fund line in this property segment in Europe with AUM of roughly €4.4 billion.
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