Catella Residential Investment Management has purchased ‘Hi:Life’, an affordable rental residential complex in Aarhus, Denmark for €85m. The property was acquired from Europa Capital and Keystone Investment Management, selling on behalf of the Europa Fund V. This transaction increases the value of CWE’s total Danish portfolio to over €270m. CRIM will manage the asset for CWE alongside the 400 Danish residential units it already manages for the fund.
The 17,636m² Hi:Life residential complex, which opened in 2020, comprises 234 one to five-room apartments, each with a balcony or terrace as well as several roof terraces for communal use. It was designed by AART Architects and its modern appearance is characterised by a facade made of zinc and wood. The building is very energy-efficient thanks to an extensive solar panel system covering over 800m² on the roof and has received an energy performance (EPC) rating of A2015.
Benjamin Ruther, Head of Fund Management at CRIM, said: “Our client CWE is committed to its environmental and social goals and this acquisition increases the number of ‘green’ properties with affordable rents in its portfolio. Hi:Life will make a valuable contribution towards the fund’s ESG goals, not only because of its large-scale solar panel system and other energy-saving components but also by offering high-quality accommodation as standard at rental levels slightly below the prevailing market rate. This makes the investment highly desirable in the affordable rental market segment as well as expanding the geographic diversification of the fund’s portfolio.”