“Catella Modernes Wohnen” acquires new development of a unique apartment complex in Hamburg and grows to more than EUR 100 million after 6 months. Berlin-based investment manager Catella Residential Investment Management GmbH (CRIM), a subsidiary of the Swedish Catella Group focused exclusively on the residential asset class, has acquired a turn-key project development of an apartment complex with 347 single units in Hamburg for around EUR 43,5 million.
“Hamburg’s residential property market is one of the most sought-after investment locations. This gives us all the more reason to be pleased with the acquisition of the fourth property of the recently launched investment fund “Catella Modernes Wohnen”. The fund is aimed at both institutional and private banking investors looking to invest a minimum of EUR 100,000”, says Michael Keune, Managing Director at Catella Residential Investment Management.
The latest property to be added to the portfolio of “Catella Modernes Wohnen” is the “simplify your life campus” apartment complex in Hamburg Stellingen in the Eimsbüttel district, which is home to the city’s zoo (Hagenbecks Tierpark) as well sports venues (Volksparkstadion and the Barclaycard Arena). The A7 motorway and the Stellingen suburban railway station are only a short distance away, making the city centre easy to reach. In addition to a concierge service, an on-site caretaker and a dedicated cleaning service, the building also features restaurants, a bar, a cinema and a gymnasium. The building, which has leasable space of 10,100 square metres, was bought for EUR 43,5 million.
“The concept of the building is unique for Hamburg. It works like a campus: its mix of short-term and long-term accommodation is intended to make it attractive for target groups such as commuters, businesses, students, tourists and families as well as travellers passing through the city. The apartments are priced at EUR 60 per night, lower than room prices in many budget hotels. We are convinced that the property will be a model for many similar concepts”, adds Michael Keune.
Download Press Release (PDF)...
For more information please contact: