2022-01-28 8:39 CET, Europe, Germany | Investment Management | Press release
Berlin-based Catella Residential Investment Management (CRIM) has acquired residential properties in Dresden and Krefeld for a total of c. EUR 40 million under a mandate from one of Germany's largest cooperative banks. The transaction lifts the AUM for the bank managed by CRIM to over EUR 100 million and at least EUR 300 million is planned to be invested in residential assets, with a focus on affordable housing, in Germany under the mandate over the next two years. The ‘Quartier am Mozartbrunnen’ development in Dresden was acquired from a joint venture between GAMMA IMMOBILIEN-Besitz und Beteiligungs-GmbH and AKTIVA Bauträger GmbH. The ‘Alte Seidenweberei’ property in Krefeld was acquired from a pension fund.
Michael Keune, Managing Director, CRIM said: “Both acquisitions perfectly align with the mandate's investment strategy and its high social standards. The Dresden project is characterised by flats designed especially for families with compact floor plans and high-quality equipment. Future residents will also benefit from the complex’s central location, excellent transport connections and direct access to the spacious parks of Blüherpark and Großer Garten. The social character of the Krefeld asset is clearly reflected in its mixed-use composition of family-friendly apartments and assisted living units with an associated day care centre.”
In Dresden, the ‘Quartier am Mozartbrunnen’ development is located in Pirnaische Vorstadt in the Altstadt district. The Old Town and the Großer Garten park are within walking distance of the three-part building complex. The 5,600 m² project is scheduled for completion in 2023 and will provide a total of 58 apartments, a commercial unit to be operated as a café, and 47 parking spaces. The development will also have extensively ‘greened’ flat roofs and a planted inner courtyard.
Dresden, the capital of the federal state of Saxony, is the third largest city in the eastern German states after Berlin and Leipzig and, with over 550,000 inhabitants, one of the twelve most populous cities in Germany. In total approximately 760,000 inhabitants live in the Dresden urban conurbation, which is the economic and transportation hub of the region. The city is characterised by positive demographics and economic growth.
Jens Claus, Managing Director, GAMMA Immobilien, said: “I am delighted that we have been able to add to our many years of a close working relationship with CRIM in Dresden through the sale of this project development. We have always be able to achieve solid agreements that satisfy the requirements of parties, which sometimes can be challenging in buyer and developer negotiations, but that has not been the case between Catella and GAMMA.”
The second acquisition in the Alte Seidenweberei in the Cracau district of Krefeld, is directly opposite the historic Kaiser-Friedrich-Hain park. The 2,600 m² complex was completed in 2013 and consists of 33 residential units. In addition, there are 44 parking spaces and three commercial units, one of which is currently rented to a day care centre. The third building, formerly an office and warehouse for a silk weaving mill, also stands out due to its well-preserved red clinker brick façade.
The city of Krefeld is a regional centre and lies in the western part of the Rhine-Ruhr metropolitan region. Like other cities in this region, Krefeld was once strongly influenced by the textile industry, and its specialisation as a ‘velvet and silk’ centre is still evident today. Krefeld is an important transport hub on the Lower Rhine, which benefits from its position within a strong economic region between the Ruhr and the Netherlands.
On both transactions the technical due diligence was carried out by x.project AG. Legal advisors to Catella were REIUS Rechtsanwälte Partnerschaft mbB in Dresden and CT legal Stein und Partner Rechtsanwälte in Krefeld.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007, Catella European Residential, which now has €1.6 billion of assets under management and has achieved an average net return for investors of more than 9% per year at the end of Q4 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 €6.0 billion across 10 European countries.
For more information, please contact:
Bellier Financial
Steve Hays: steve.hays@bellierfinancial.com
Emma Villiers: emma.villiers@bellierfinancial.com
T: +31 (0) 20 419 09 01
Quartier am Mozartbrunnen (Copyright: GAMMA IMMOBILIEN- Besitz und Beteiligungs-GmbH)
