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2022-01-21 9:00 CET, Europe, Germany, Spain | Property Investment Management | Press release

Catella CER Fund makes first investment in Portugal with c. €15.5 million student accommodation deal

The Catella European Residential Fund (CER) has made its first venture into the emerging Portuguese institutional investment market for student housing with the acquisition of an asset in the municipality of Cascais, just to the west of Lisbon, for €15.5 million and with a 99-year leasehold. Berlin-based Catella Residential Investment Management GmbH (CRIM) as investment manager and Munich-based AIFM-platform Catella Real Estate AG were advised by Catella AM Iberia S.L. on the transaction. The vendor was Value One Holding.

Eduardo Guardiola, Managing Partner of Catella AM Iberia, said: "This is a milestone for CER marking the vehicle’s first investment in Portugal. It is also an important step for CRIM as it represents the investment manager's entry into Portugal. For Catella AM Iberia it marks our third transaction as advisors on a student accommodation acquisition in the Iberian region. The Portuguese real estate market is becoming increasingly relevant across both the affordable rental and student housing markets – which although very different in maturity and size offer some excellent investment opportunities.”

The property is located close to the beach in the Lombos neighbourhood of Carcavelos within the Cascais municipality and is a 10-minute walk from Portugal’s most prestigious business school, the NOVA School of Business and Economics, which has a student population of over 3,500. The centre of Lisbon can be reached within 20 minutes via two train stations.

The 6,622 sqm property was built in 2020 and comprises 192 spacious single rooms (20 sqm on average) with a gym, rooftop terrace, study, music and leisure rooms and parking. It is 99% occupied and has obtained LEED Gold sustainability certification for its construction.

European student accommodation provider MILESTONE operates the residence under a management contract. MILESTONE was founded in Vienna, is member of the Value One Group, an international real estate Developer and student housing operator and brings extensive knowledge of the conception, design and successful management of student housing, combined with international expertise. MILESTONE currently has 4,627 beds of purpose-built student housing under management and in development across Austria, Portugal, Germany, Netherlands, Poland and Italy.

The CER Fund has more than €1.6 billion of assets under management across around 70 assets and has generated a c.9.6% total return per annum since launch in 2007.

CATELLA AM Iberia will be responsible for the asset management of the property.

CMS Legal Services EEIG advised on corporate and legal real estate. Tax and structuring advisory was provided by PLMJ Advogados, SP, RL. The technical and environmental due diligence was conducted by FICOPE Lda.

 

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 manager 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

Copyright Picture: FG+SG Photography / Milestone