Catella Wohnen Europa (CWE), the German public open-ended real estate fund, has acquired 342 affordable apartments extending over 16,400 sqm in four energy-efficient buildings in Pankow, the most populous district of Berlin located in the northeast of the city, from a Hamburg-based family office. Berlin-based Catella Residential Investment Management GmbH (CRIM) and Munich-based Catella Real Estate AG as AIFM have acquired the property on behalf of the CWE fund. The buildings will be operationally managed by theBASE FOL Group GmbH.
Benjamin Rüther, Head of Fund Management CRIM, said: "Pankow’s attractive natural environment with the largest inner-city forest in Berlin, means there is strong demand for affordable modern sustainable housing in the area, particularly from young professionals and families, which is far from being met by the available supply. Catella has focused on two core societal and sustainability aspects in this investment. We decided to create a large co-living element in the project, which appeals to younger people, and also mix this with accommodation for families, to help social interaction and diversity, which is important for vibrant city living. Transforming the old office buildings on the site into residential units, instead of tearing them down and building from scratch, also means we make significant environmental gains through capturing ‘embodied carbon’ by reusing the concrete and other construction materials already in place.”
Optimisation measures to increase the energy efficiency of the buildings are a central feature of this project development. An efficient heat supply via district heating is planned and by 2024, renewable energy will be adopted throughout the project after the additional installation of PV panels.
Houses II and IV were built in 1985 and 1972 respectively and have now been stripped, refurbished, and extended with a mezzanine floor. These two buildings house the fully furnished long-stay flats, with a lounge area and a community kitchen on each floor. A co-working area, gym, library, gaming room, cinema and rooftop garden for vegetables complete the concept. House III is a new building and is currently being constructed. It accommodates the reception area of the co-living concept, a bistro, a small hotel and a day care centre with an outdoor area. House I, the second new building, was completed in 2021 and will offer 24 conventional flats.
Florian Färber, Founder and CEO of The Base, said: “Co-living has become increasingly important in recent years. Millenials in particular are increasingly opting for this form of living, which offers them maximum flexibility and community. At The Base, our focus is clearly on the community. We are not simply developing flats with design and comfort, but also want to create a social environment that offers tenants space to get to know each other to counteract loneliness in urban areas. We are very pleased to have Catella as a business partner who recognises the social importance of co-living.”
The property in Berlin-Pankow is the first building operated by The Base, whose future projects will focus on urban locations in Germany's top 15 cities and other European metropolises. The second The Base location in Germany will open in Munich in the first quarter of 2024. Further properties are under consideration, including locations in Hamburg, Frankfurt, Vienna and Warsaw. At least 15 buildings, or around 5,000 units, are planned in Germany and Europe by 2025.
The seller was exclusively advised by Colliers International Deutschland GmbH on the transaction.
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.
About theBASE FOL Group GmbH
In the context of urbanisation, The Base creates globally unique co-living spaces that inspire and redefine urban living. The Base pursues the vision of shaping a future of living that promotes more cohesion and counteracts loneliness in urban spaces. theBASE FOL Group GmbH was founded by Florian Färber in 2019 and will open the capital's largest co-living space in Berlin-Pankow in 2022 with 318 flats, a large number of community spaces, a co-working area and its own F&B area. In Munich, the second German location of The Base will open in the first quarter of 2024 with 154 flats.
Thanks to the flexible model of short stay, long stay and co-working, The Base combines the asset classes of living, hospitality and office under one roof. Long-term rental contracts and full responsibility on the part of The Base round off the concept and promise sustainable success.
More information at: www.jointhebase.co
For more information:
Catella Residential Investment Management GmbH
Head of Marketing and PR European Residential
Office: +49 (0)30 887 285 29 76
Mobile: +49 (0)151 544 51 005
theBASE FOL Group GmbH
Senior Communication Consultant
Office +49 30 28 44 987 65
Mobile: +49 151 276 165 65
Email : firstname.lastname@example.org