Munich-based investment manager Catella Real Estate has acquired 277 residential units in Berlin, Madrid and Barcelona for a total value of €92.7m for its Catella Wohnen Europa residential property fund. The acquisition is in line with the fund's investment strategy of incorporating residential properties throughout Europe.
The Spanish residential portfolio consists of 13,469m² of floorspace in total.
Two properties were acquired in Madrid: the completely modernised Genova 5 property from 1900, with 24 residential units, was purchased for €23.9m; and the modern Alaró 4 property from 2008, with 82 residential units, was purchased for €2.9m.
The third Spanish property, Rambla Poblenou 124 in Barcelona, was built in 2002 and has 59 residential units. This was acquired for some €23.7m.
The property acquired in Berlin is one of three construction phases of the Hasenheide development project. The project is located in the Kreuzkölln district, directly adjacent to the 50-hectare Hasenheide public park. By 2019, a total of 114 residential units with some 6,300m² of residential space and a daycare facility for children are to be constructed here. The purchase price was some €32.2m.
