Catella Residential Investment Management (CRIM) has acquired four standing assets in locations in, or close to, leading European cities including Brussels, Geneva and Berlin for approximately €60m on behalf of the Catella European Residential Fund III (CER III). In Brussels, CER III has bought a residential building dating from 2005 comprising 65 modern apartments and 70 indoor parking spaces for approximately €25m. Most of the apartments are let and range in size from 41 to 173m². The closing of the transaction is expected to take place at the end of August.
Patrick Au Yeung, Fund Manager for the Catella European Residential Fund III, said: “We are pleased our fund continued to attract new capital during the Covid-19 lockdown and we expect the strong interest from institutional investors will continue. Brussels is one of the key targets for our European residential strategy due to its importance as a financial centre and the capital of the European Union. The inner-city residential market in Brussels consists of a great diversity of old and new apartments. We expect the complex we have acquired will be very attractive to expats, diplomats and employees of international corporations, many of whom prefer to live close to their work in the city centre where the cost of living is still affordable compared to other big European cities.”
In Ornex, CER III has bought a complex comprising 33 semi-detached houses and 12 apartments for €20m. Each of the villas and apartments has its own private garage and garden and additional outdoor parking spaces are also available for residents. The complex has good access to public transport connections to Geneva including bus stops in the immediate vicinity of the property.
Xavier Jongen, Managing Director CRIM added: “Geneva suffers from a huge shortage of housing which continues to drive up the prices of owner-occupied homes as well as rental levels. This phenomenon has pushed many local Swiss as well as people of other nationalities working in Geneva to the French side of the nearby border. The property we have acquired in Ornex represents an excellent opportunity to tap into the sustained demand in the region for affordable suburban rental housing.”
In Potsdam, the capital of the federal state of Brandenburg located to the southwest of Berlin, CER III has acquired two existing properties in the Gartenstraße in the Babelsberg district for around €10m. One of the buildings dates from 1911 and was extensively refurbished in the last 10 years. The other property is relatively new and was built in 2014. Both assets have basements and comprise a total floor area of 2,607m² divided over 27 apartments and two small commercial units. The apartment blocks are located in an urban area characterised by detached, semi-detached and multi-family houses, and commercial buildings, some of which have recently been converted into housing. Patrick Au Yeung, said: “Potsdam is a prestigious academic centre with several universities and numerous research institutes. The demand for affordable housing is expected to remain robust due to the city’s close proximity to Berlin.”
In Berlin, CER III has acquired a recently renovated residential building from a local project developer of residential condominiums for €3.2m. Also dating from 1911, the property is located in the Berlin district of Marzahn-Hellersdorf. Berlin Alexanderplatz can be reached in 25 minutes by the S-Bahn railway line. The good transport connections to Berlin’s city centre makes the asset particularly interesting for couples and young professionals. The complex consists of 10 residential units covering a total surface area of 989 sqm over two buildings, with an average size of 99m² per apartment. The landscaped inner courtyard has a playground and four parking spaces.
