Catella Residential Investment Management (CRIM) and Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) have acquired three residential assets in the Austrian cities of Vienna and Linz for a total value of €120m on behalf of two of their funds. The portfolio includes the “Squadro” building in Linz for around €23m and in Vienna 96 of 218 apartments in the “Hochstadtplatz’ development and 122 apartments being built on St.-Gotthard-Str.
Hochstadtplatz is located in Vienna's 20th district directly opposite the Technikum Wien University of Applied Sciences, Austria's largest technical university. The 218 two-, three- and four-room apartments acquired by CWE and CMW form part of the third and fourth phase of this major regeneration project which is being built by S+B Gruppe AG and will be delivered in 2023. The high-quality apartments in the Höchstädtplatz complex will all feature an outdoor space in the form of a terrace, balcony, or garden.
The buildings will have concrete core activation with component heating and cooling for all residential units, as well as the highest possible energy efficiency label – an OGNI Gold sustainability certificate is being targeted for the assets. The surrounding district of Brigittenau and the adjacent neighbourhood of Leopoldstadt form a large island in the heart of Vienna, surrounded by the Danube and the Danube Canal and green spaces lining the banks of the waterways. Millennium City, one of Austria's busiest retail and entertainment centres with its extensive range of shops and indoor leisure facilities is also located nearby.
The Linz asset comprises 91 residential units arranged around a communal courtyard with underground car parking spaces and covered bicycle racks. It benefits from good connections by bus and car and a variety of local amenities. It is located close to the city’s universities and medical facilities with the "Designcenter" event venue and offices of several well-known companies within walking distance.
Benjamin Ruther, Head of Fund Management for CRIM, said: “These acquisitions are a good match for the residential investment strategies of our CWE and CMW funds. The neighbourhood surrounding Hochstadtplatz in Vienna has considerable potential thanks to its ongoing regeneration and transformation into a hub for tech-focused companies which benefit from their proximity to the Technikum Wien University of Applied Sciences. The project in St.-Gotthard-Str. also impresses with its energy-efficient design including a photovoltaic installation. Rents at our fully-let property in Linz are at levels well below the market average, which delivers on our principles of providing affordable accommodation and contributing to greater societal equity across the local housing market.”
