Catella European Residential III Fund (CER III) has acquired the redeveloped Ceylonpoort office tower in Haarlem, near Amsterdam, for €65m. The former offices of publisher VNU will be extensively refurbished into a residential tower to meet the requirements of a Nearly Zero Energy Building (NZEB) under the EU directive on the sustainable energy performance of real estate. The installation of a geothermal heat pump beneath the property as well as solar panels on the roof, will provide most of the energy required by the building and its tenants. Together with a new, more energy-efficient façade, this will result in very low energy bills for residents.
The Ceylonpoort Tower was acquired from developer Wedda, an affiliate of Egeria Real Estate Investment, in partnership with Going Dutch Development, by Maastricht-based Catella Investment Management Benelux (CIMB) on behalf of CER III. The impact fund is managed by Berlin-based Catella Residential Investment Management (CRIM).
Paul van Stiphout, Fund Manager at Catella Residential Investment Management (CRIM), said: “Our CER III Fund is pursuing a longer-term pan-European strategy of investing in high-quality, well-located residential assets with strong ESG credentials. This investment is an ambitious conversion play from a redundant office to a much-needed affordable residential complex with the highest possible level of sustainability. Supply of housing in the mid-range rental segment remains scarce across the Netherlands, particularly in cities in the western part of the country where the majority of the population lives. This property ticks all the boxes in terms of sustainability, affordability and social impact and will be a strong contributor to the Fund’s overall performance.”
Jac Huijsmans, Senior Acquisition Manager at Catella Investment Management Benelux (CIMB), added: “The excellent sustainability credentials of this investment are underscored by the limited amount of CO2 released during construction through retaining the existing building structure, which aligns with the concept of a circular economy. Our ownership of the geothermal heat pump installation also enables us to make an additional social impact through cheaper bills for our tenants.”
The Ceylonpoort is located on the Amerikaweg, close to Haarlem’s city centre, in the district of Schalkwijk. Upon completion, the refurbished tower will accommodate 162 spacious and affordable apartments, commercial space totaling 536m², and a three-level parking garage for residents. Ceylonpoort will offer a diverse mix of homes including one-, two- and three-bedroom units.
Construction of the residential tower is due to start in July and will be undertaken by Smits Bouw Bedrijf. Completion is scheduled for mid-2024.
