2021-02-08 7:18 CET, Europe, Germany | Press release
Munich, February 5th 2021 – Catella Real Estate AG – has completed the acquisition of an office property, located at 37-39 rue Crozatier, in Paris. The purchase was made on behalf of the Sarasin Sustainable Properties - European Cities fund (SSP), an institutional fund jointly managed by CREAG and Bank J. Safra Sarasin with Assets under Management of more than EUR 600 mil.
The purchased property is composed of two office buildings restructured in 1991 and partly refurbished in 2018. Both buildings together represent a total area of more than 2,000 sqm and comprise 17 parking spaces. Most of the area is let to a public entity (City of Paris) on a long-term basis.
As an open-ended special fund, the SSP invests in sustainable real estate in European metropolitan cities. The focus is on commercial properties in the office and retail sectors. The portfolio benefits from almost 30 % public tenants, so that almost full occupancy is achieved even under the current circumstances. The portfolio, currently consisting of 22 properties, is supplemented by residential properties, which are known to be the winner of the "Corona Crisis".
Situated in the heart of the 12th arrondissement of Paris, the property is in close proximity to the city centre and to iconic places, such as Place de la Nation, Bercy and Gare de Lyon TGV (one of the busiest train stations in France), all within a 10 min walking radius. Therefore, the location benefits from very good public transportations and from a dynamic and vibrant neighbourhood. Large restructuration projects in the area will also keep driving the increasing attractivity of the sector in the coming years.
"This first joint acquisition in Paris demonstrates the strength of the local network and presence of the Catella Group's. With this acquisition our fund achieves further geographical diversification," says Axel Bertram, co-portfolio manager of the fund at Catella Real Estate AG.
The transaction was advised by EY, R&D Notaries, Lacourte Raquin Tatar and Wigwam. The transaction was carried out under a mandate given to DBX Conseil.
About the "Sarasin Sustainable Properties - European Cities" fund
The "Sarasin Sustainable Properties - European Cities" is a fund of Catella Real Estate AG in cooperation with Bank J. Safra Sarasin AG with Assets under Management of more than 600 million EUR. The cooperation with Bank J. Safra Sarasin AG looking at a joint sustainability strategy started already in 2011 and thus takes a pioneering role in the field of sustainable European real estate investments. The fund is specifically oriented towards the needs of institutional investors in Switzerland, Austria and Germany. The fund invests at least 75% in commercial real estate with a focus on office and retail, diversified by logistics and residential. Evers building must meet the sustainability standards of Bank J. Safra Sarasin.
About Catella Real Estate AG
Catella's open-end fund operation was founded in 2007 and is based in Munich. We are active in the areas of real estate fund management and real estate investment advice.
We are a licenced Investment Management Company („Kapitalverwaltungsgesellschaft“) in compliance with the German Capital Investment Act (KAGB).
The company’s purpose is to design, develop and manage open-end real estate AIF that are geared towards the Catella Group´s expertise and outstanding market position.
For further information contact:
Catella Real Estate AG
Julia Stübler
Marketing & PR Manager
T: (0)89 189 16 65 0
F: (0)89 189 16 65 466
M: +49 (0)152 389 228 65
E: julia.stuebler@catella-investment.com
Please find more information on the website at www.catella.com/immobilienfonds