The Catella Mordernes Wohnen (CMW) fund, advised by Catella Residential Investment Management (CRIM), has acquired a senior housing property in Nice for €11.5m. The fund’s portfolio already comprises serviced apartments, co-living properties and student residences, thereby providing affordable housing for students, young professionals and commuters. The senior housing property in Nice will add another key target segment to the fund. The residence with 65 apartments has been let to the French Korian Group, a leading operator of a senior citizen and care facilities in Europe.
The new acquisition makes France the third European country, after Germany and the Netherlands, invested in by the fund, thereby enhancing its geographical diversification. It has a net fund volume of around €130m and a property fund volume of around €150m distributed across seven properties with more than 1,000 tenants.