Catella Residential Investment Management GmbH (CRIM) and AIFM platform Catella Real Estate AG (CREAG) have acquired two residential rental buildings, one in Dos Hermanas, Seville and the other in Ezcaba, Pamplona, for €12.6m and €9m respectively. The purchases were made on behalf of the Catella Wohnen Europe (CWE) fund.
The Dos Hermanas property in Seville consists of 68 two- and three-bed apartments, each with a separate storage room and 84 parking spaces. It has spacious recreational facilities including a swimming pool, children’s play area, paddle tennis courts, sports area and gardens. Completed at the end of 2020, the complex has a total surface area of 11,500m². The average size of the apartments is 83m² for two-bedroom units and 117m² for three-bedroom apartments.
The Ezcaba building in Pamplona comprises social housing and is located adjacent to a social housing property acquired for the Fund in the past, thereby increasing its affordable rental residential portfolio in the city. The complex covers a total area of 11,600m² comprising 91 one-, two- and three-bedroom, rent-controlled apartments measuring 72, 88 and 115m², respectively. The complex also contains 56 storage rooms and 91 parking spaces.
Eduardo Guardiola, Director and partner of Catella AM Iberia, said: “These acquisitions expand CWE’s presence in the affordable rental market, in locations where we already have good knowledge of local needs across all the residential real estate sub-segments. Strong demand from our investors allows us to continue the CWE strategy to invest in these locations across segments including student housing and senior living alongside more traditional rental accommodation, and to expand into other large cities in Spain and Portugal where structural imbalances exist between demand for, and the supply of, modern properties at affordable rents.”