Berlin-based investment manager Catella Residential Investment Management GmbH, a subsidiary of the Swedish Catella Group has, on behalf of Catella Wohnen Europa investment fund, acquired a total of 215 residential units in Lübeck, Germany, and Den Bosch, the Netherlands, for €27.2m.
Lübeck
Built in 1946, this property is located in the St. Lorenz Nord district, close to Lübeck’s city centre. Most of the 149 residential units, with total leasable space of 7,336 m², have been renovated in recent years. The average apartment measures around 50 m², exactly the size for which there is strong demand at present. The immediate surroundings benefit from generously proportioned green spaces between buildings as well as an organically grown residential area with schools, day-care facilities for children, an indoor swimming pool, a specialist shopping centre and several supermarkets. The purchase price is €15m.
Den Bosch
The residential complex in Den Bosch, the capital of the province of North Brabant, was built in 1975 and measures around 3,700 m². The property has 66 apartments and 61 outside car parking spaces. Originally used as a tax consultancy office, the building was converted into apartments with high-quality finishes and fittings in 2016. The apartment sizes range between 25 and 76 m². Prins Hendrikpark, a popular local recreation facility with a petting zoo and expanses of water, is located in the immediate vicinity of the property. The city centre is around 2 km away. The purchase price is around €12.2m.
“While the structure of each of the properties has evolved over time, the buildings have been brought up to modern standards. This makes them a perfect fit for the long-term focus of our portfolio. In addition, we had already acquired a residential property at the Den Bosch location in 2016, with rentals per square metre almost €2 higher than those for the most recently acquired comparable residential units,” said Benjamin Rüther, Deputy Fund Manager at Catella.
