Berlin-based Catella Residential Investment Management (CRIM) has acquired a residential rental property consisting of two buildings in the San Luis district to the south of Valencia, for the Catella Wohnen Europa (CWE) fund for €66 million. The assets were acquired via the AIFM platform of Catella Real Estate AG (CREAG) and will be managed by Catella Asset Management Iberia S.L. (Catella AM Iberia), which already has a portfolio of 2,300 housing units in Spain.
The 40,047 sqm complex comprises 281 one-to-fourbedroom apartments, light and spacious terraces, 302 storage rooms, 308 parking spaces and 365 bicycles spaces. It also has spacious communal areas including two swimming pools (one for children and one for adults), paddle tennis courts, a large urban park, as well as other services. The property is located in AQ Turianova, a new smart neighbourhood being developed by Spanish housing specialist AQ Acentor.
Eduardo Guardiola, Managing Partner of Catella AM Iberia, said: “This purchase is part of our strategy to invest in rental housing developments in tier-two and tier-three cities in Spain that have solid socio-economic and real estate fundamentals. More than half of our operational portfolio of rental residential properties is now located outside Madrid and Barcelona.”
AQ Turianova is a modern residential development in a prime location near La Fe Hospital incorporating a new infrastructure network including a three-kilometre cycle lane and improved transport connections with the rest of the city via the recently completed Malilla bridge and a new exit from the V30 motorway. The district will also comprise more than 65,000 sqm of green areas as well as nearly 40,000 sqm of space dedicated to educational, cultural, recreational, sports and leisure facilities.
Benjamin Rüther, Head of Fund Management, CRIM added: "Spain is currently faced with a serious shortage of affordable housing and the country is unable to meet demand. But Spain is also seeing an increasing trend in the institutionalised housing market with a higher proportion of rental housing, which is why we will continue to target new supply in smaller metropolitan areas that are proving attractive to new tenants.”
CMS Albiñana y Suárez de Lezo provided legal advice while Hogan Lovells acted as tax advisor and VMT & Associates as technical advisor. Colliers managed the sale process. This is the second transaction signed between Catella and AQ Acentor following an agreement in 2019 on the sale of a 171-unit residential rental building located in Villaverde, Madrid.
About Catella Asset Management Iberia S.L. (Catella AM Iberia)
Catella AM Iberia launched its operations in Spain in 2015 and has since boosted real estate assets under management to more than €650 million. A subsidiary of Sweden's Catella AB Group in Stockholm, Catella AM Iberia’s real estate business focuses on investment, acquisition, management and sales. Catella AM Iberia manages investments and real estate assets in Spain and Portugal on behalf of funds managed by the Catella Group, as well as other institutional investor clients. https://www.catella.com/en/spain/asset-management/
For more information, please contact:
COMCO / Gerardo López / Carlota Vicén
M: +34 628591996 / +34 609 609 547
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 €6.5 billion across 11 European countries.
For more information, please contact:
Catella Residential Investment Management GmbH
Head of Marketing and PR European Residential
Telefon: +49 (0)30 887 285 29 76
Mobil: +49 (0)151 544 51 005
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.