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2022-07-19 9:15 CET, Europe, Germany | Property Investment Management | Press release

Catella Modernes Wohnen fund acquires 121 residential units in Ottakring district of Vienna for EUR 39 million

Catella Modernes Wohnen (CMW), the German open-ended real estate fund, has acquired 121 affordable residential units in a new development in the western Ottakring district of Vienna for around EUR 39 million.

Berlin-based Catella Residential Investment Management GmbH (CRIM) managed the acquisition, on behalf of the CMW fund and Munich-based platform Catella Real Estate AG, provided the AIFM platform.

The new development supplied renewable energy sources for the communal areas, comprises three residential buildings totalling 6,884 sqm, two located along Lorenz-Mandl-Gasse (east) as well as Wernhardtstraße (south) and the third set back from the street between the other wings. The modern and high-quality equipped affordable apartments are mainly divided into two three-room room units designed to appeal to students, singles and couples. There are also a number of office units and the complex features 230 bicycle spaces and 67 underground car parking spots.

Benjamin Rüther, Head of Fund Management CRIM, said: “Catella established a local team and opened its first office in Vienna in February, because of the strong deal pipeline we’ve been able to establish in the market. This latest acquisition in Vienna shows our business momentum is continuing, as the emphasis on sustainability and affordability in the Austrian residential rental market is well-matched to Catella’s investment philosophy and the mandate we have from our clients. The high sustainability credentials of the properties in Ottakring are very much in line with the types of investments we are seeking.”

Vienna’s 16th district of Ottakring has excellent rail, metro and tram connections to the rest of the city and plenty to offer residents in the immediate vicinity, including the famous Brunnenmarkt, the Austrian capital’s most extensive and exotic market for fresh produce. Ottakring is also a gateway to the Wilhelminenberg, a park serving as the entry point to the Vienna Woods.

The transaction was advised by PwC Legal Austria.

About Catella Residential Investment Management GmbH (CRIM)

Catella launched its first European residential fund in 2007 and its 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 €6.8 billion across 11 European countries.

For more information:

Catella Residential Investment Management GmbH

Stine Zöchling

Head of Marketing and PR European Residential

Office: +49 (0)30 887 285 29 76

Mobile: +49 (0)151 544 51 005

stine.zoechling[ at ]catella-residential.com

 

Disclaimer:
This is a marketing release. It is for information purposes only and does not constitute investment advice, an investment recommendation, an offer or an invitation to buy or sell investment products. The information is not suitable for making a concrete investment decision on its basis. It does not contain any legal or tax advice. The provision of the information does not create any contractual obligation or any other liability towards the recipient or third parties. Shares may only be purchased on the basis of the currently valid Terms and Conditions of Investment in conjunction with the currently valid Sales Prospectus. The current version of the Sales Prospectus (including the Terms and Conditions of Investment and a description of the main risks) as well as the Key Investor Information Document and the last published (semi-)annual report are available in paper form from Catella Real Estate AG, Alter Hof 5, 80331 Munich, Germany, or can be downloaded from www.catella.com.