Berlin-based investment manager Catella Residential Investment Management GmbH (CRIM), a subsidiary of the Swedish Catella Group focused exclusively on the residential asset class, has acquired a turn-key project development of a micro-living/student housing complex in Berlin’s Lichtenberg district from the Homepoint Group. The development will be completed by the 2nd quarter of 2019. The purchase was made for “Catella Modernes Wohnen”, a mutual fund specialising in micro-living.
“With its population of 3.5 million and 180,000 students, Berlin is one of Germany’s top centres of learning. Student numbers have increased by almost 20% since 2004 – and the trend is rising. The acquisition of the property will provide a sustained boost for the diversification of the fund portfolio, thus securing long-term stable cash flows for our investors”, says Michael Keune, Managing Director at Catella.
The 350 residential units, which are being built in accordance with EnEV 2016 energy efficiency standards, will ultimately provide a total of 7,226 m² of living space. CRIM is investing around €41.3m in the property. Developed by the Homepoint Group, the 12-storey building is leased to the Bürgermeister Reuter Foundation under a long-term agreement. The Foundation, which was established back in 1953, manages 7 student residences in Berlin.
The new development is located in close proximity to Freidrichshain, which has a number of educational establishments and excellent public transport links. Local recreational areas Fennfuhlpark and Stadtpark Lichtenberg are only a few minutes’ walk away.
