Catella Real Estate AG (CREAG) has acquired The Bassin, a 159?apartment student housing complex in Maastricht, from an initiative of Mulleners Vastgoed. Comprising two five-floor buildings, the complex is named after the Bassin, Maastricht’s historic inner harbour in the city centre, where the property is located. Formerly two office blocks, the newly renovated buildings with a total lettable area of 3,100m², have been transformed into independent industrial-style studio apartments, each with a private kitchen, bathroom, ready for the beginning of the academic year starting in September 2020. The property has solar panels on the roof and a total of 48 above-ground parking spaces. The purchase price was not disclosed.
Axel Bertram, Portfolio Manager at CREAG, said: “This acquisition demonstrates the strength of Catella’s European network. Our market knowledge and local presence across Europe enable us to source high-quality assets and offer ongoing investment and asset management services to funds that we manage on our own behalf and third parties. The latest acquisition in Maastricht, which has a severely constrained housing market, offers a great opportunity for future income and asset value growth.”
Ralph Willems, Acquisition Manager Catella IM Benelux, commented: “Maastricht University has a strong reputation for science and research, attracting some 18,000 students of which 53% are international students. This student population has put pressure on the city’s limited private rental housing stock and specifically student housing, which we believe makes newly renovated properties such as the Bassin highly attractive. Even more because the private rental market in Maastricht is severely constrained by low levels of new development and affordability for students is an issue.”