Catella Residential Investment Management and Catella Real Estate AG (CREAG) have acquired an affordable residential complex in Dos Hermanas, Seville for €17.5m on behalf of the Catella Wohnen Europa (CWE) fund. The transaction will boost the volume of the fund’s Spanish portfolio to approximately €170m. The property will be managed by Catella Asset Management Iberia S.L, which already has a portfolio of 1,700 units under management in Spain. The acquisition was made through CREAG’s AIFM platform.
The 15,936m² complex comprises 101 one-, two- and three-bedroom flats, 101 storage rooms and 106 parking space. The spacious communal areas contain a swimming pool, children’s playground, paddle tennis court, seven-a-side football pitch and green areas. The total living areas of the one-bedroom apartments is on average 61m², while the two-bedroom and three-bedroom flats have a total space of around 83m² and 115m² respectively. The development was completed at the end of 2019.
Benjamin Ruther, Head of Fund Management at CRIM, commented: "This transaction expands CWE’s portfolio of affordable rental apartments as well as adding Seville, a new market for the fund, to its presence in the major metropolitan areas in Spain alongside Madrid, Barcelona, Pamplona and Vitoria. The acquisition of this newly built complex demonstrates our commitment to providing affordable housing across Spain – the property offers new accommodation in one of the most popular suburban areas in Seville at a rental level that is more than 25% below that in central locations. It is also proof of Catella’s extensive local knowledge and the team's ability to identify projects that add value to the portfolio. The property is almost 90% let, despite the current Covid-19 restrictions."
Dos Hermanas/Montequinto is one of the most dynamic residential markets in the Seville metropolitan area which is the fourth largest city in Spain with more than 1.5 million inhabitants. The complex has excellent public transport links with the Line 1 “Europa” metro stop close by connecting the residential area to Seville’s city centre in 20 minutes. Located seven kilometres from the inner city, Dos Hermanos is characterised by detached and terraced houses intermingled with a few apartment blocks. The neighbourhood has several amenities including private and public schools, supermarkets, parks and other green areas. The Pablo de Olivade university campus is only two kilometres away and can be reached in five minutes by metro.