Catella Residential Investment Management GmbH (CRIM) has acquired a residential and commercial building with 54 apartments and two commercial units in Offenbach, on the eastern outskirts of Frankfurt, which are being redeveloped within a former medical centre.
The units were acquired as part of a mandate for one of Germany's largest cooperative banks. Completion is scheduled for summer 2024.
The latest investment increases CRIM's fund volume under this mandate to around 127 million euros.
Michael Keune, Managing Director CRIM, said: "By repurposing the former medical centre for residential use, over half of CO2 emissions are saved in the construction cycle when compared with demolition and the construction of a new comparable building. Energy efficiency and sustainability lie at the core of the mandate we have from our investor and the Offenbach acquisition fits these criteria perfectly, as well as the requirement to provide urgently needed housing supply for the Frankfurt-Rhine-Main metropolitan region."
The Offenbach building totals 2,499 square metres, of which just over 2,000 sqm will be for residential use. Around 90% of the residential units are one-bedroom and the remainder two-bedroomed, with the majority having balconies.The redevelopment is connected to a district heating network and will have a KfW 55EE German building energy standard, meaning it only consumes 55% of the primary energy required by a comparable reference building. Electric vehicle charging points will be installed at the building along with bicycle storage space available inside and bike racks outside.
The property is located on Frankfurter Strasse in Offenbach's ‘Westend‘ district, adjacent to the popular Luisenhof neighbourhood, and is just a few minutes' walk from the centre of the town. The location has excellent public transport connections, with Offenbach's main railway station less than 10 minutes' walk away, and is also not far from the Ledermuseum S-Bahn (suburban rail) station and its direct connection to Frankfurt Central Station within 15 minutes.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential property fund in 2007. The team also launched the first specialised pan-European student housing fund in 2013. CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential property business includes portfolio management advice, acquisitions and disposals as well as asset management. CRIM manages and advises several funds and mandates with assets under management of over €7bn in ten European countries.
For more information, please contact:
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