Berlin-based Catella Residential Investment Management (CRIM) and the Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) have sold a Danish residential portfolio to a Swiss Life Asset Managers Germany fund for more than €70 million on behalf of the fund Catella European Residential (CER).
The portfolio comprises four high-quality residential assets located in highly attractive areas in Copenhagen which were acquired separately between 2010-2012 for CER. The four fully-let properties have in total a residential area of 10,486 sqm (107 units), one commercial unit (office) measuring 262 sqm, collective tenant facilities of 165 sqm and 35 underground parking spaces.
Benjamin Rüther, Head of Fund Management at CRIM, said: “These properties were purchased some 10 years ago and have achieved a return of more than 13% p.a. which exceeded the original ambitions, so CER’s capital can now be reinvested to secure assets more in line with today’s Fund’s investment strategy. These were the first properties the acquisition of which we attended to in Denmark and the prevailing market conditions at the time meant that it was possible to buy these prime rental market assets directly from the developers. Since entering Denmark, the funds advised by CRIM have now invested more than €600 million in residential real estate across the country.”
Viktoria Hoffmann, Fund Manager – Swiss Life European Living, commented: "The market entry in Denmark represents another important milestone for the fund in the expansion of the European allocation of Swiss Life European Living, which was launched in 2019. Denmark is a stable, transparent, and liquid real estate market. These four core properties are spread across excellent locations in Copenhagen, Fredriksberg and Hellerup. The portfolio is therefore the ideal basis for further transactions in and around Copenhagen as well as in other cities in Denmark."
Michael Keune, Managing Director at CRIM added: “After a 10-year holding period, it makes sense to realise the strong returns achieved for the fund while taking advantage of investor demand for well-let, high-quality residential across Europe as demonstrated by the level of interest we received for the portfolio.”
Thylander Group acted for on behalf of Catella.
The four properties are:
Howitzvej 49, 51a, 51, 2000 Frederiksberg
Built in 2009, the property comprises 27 condominiums averaging 112 sqm in size with three to four rooms. There is a basement with 35 parking spaces.
Rantzausgade 60, 60a, 60cg, Copenhagen N
A historic building converted for residential use in 2007, the 27 apartments range in size from 70 to 134 sqm, with one to three rooms. Additionally, there is a 262 sqm office unit.
Sankts Peders Vej 3 – 5, 2900 Hellerup
Built in 1992, Sanks Peters Vej is a senior living property offering 30 two-bed condominiums ranging in size from 72 to 90 sqm.
Vejlegade 6, 8c, 10, 2100 Copenhagen Ø
An office building expanded and converted into residential in 2009, the 23 two- to four-room apartments are 68 to 152 sqm in size.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 with a volume of €1.6 billion and it has since achieved an average net return for investors of more than 9.0% per year until the end of Q2 2021. 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 more than €5.0 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