Catella European Residential Fund III is to achieve the highest level of sustainability under the EU’s SFDR Article 9 certification hit more than €750m in AUM at the end of 2021, after acquiring a senior living property in Brussels for over €50m from Bassem Certificates SA, a real estate company managed by the Belgian Bank Degroof Petercam. Maastricht-based Catella Investment Management Benelux (CIMB) and Berlin-based Catella Residential Investment Management (CRIM) bought L’Ecrin Vert, on the corner of Rue Jacques Bassem and Chausse?e de Wavre in the affluent Brussels suburb of Auderghem, on behalf of the CER III Fund.
Patrick Au Yeung, Fund Manager CER III, CRIM said: “Achieving the status of a true dark green residential impact fund is proving to be a high hurdle for the real estate investment industry to clear. CER III remains in pole position as the only pan-European vehicle of scale on the market with its assets under management reaching over €750m after this investment – it's second in Brussels. Europe’s structurally ageing populations are driving strong demand for the type of high-quality senior living property L’Ecrin Vert represents and the acquisition is well-aligned with the fund’s societal investment criteria. In the next couple of years, the building’s current gas-heating system will be upgraded to ensure it is carbon neutral by 2030 at the latest.”
Originally planned as a residential apartment block, this modern six-storey property has been converted into a high-quality serviced senior living complex during development, with 8,938m² of living space including 1,369m² of terraces. There are 108 residential apartments, two retail units totalling 427m² of GLA and 52 underground parking spaces. The ground floor houses several amenities for the residents including a reception, a library and multimedia lounge, fitness and wellness facilities, such as an indoor pool, massage area and sauna, as well as a hairdressing salon, bar, restaurant and office for the operator Domitys.
Ralph Willems, Senior Acquisition Manager, CIMB added: “The acquisition of L’Ecrin Vert demonstrates Belgium’s growing attractiveness as an emerging institutional residential investment market. At over €50m, this acquisition is one of the largest single asset deals ever done in the Belgian residential sector. There is growing demand for high-quality senior living which underpins our confidence in the future potential of this asset. Domitys is a leader in its sector in France and a key player in the senior living ‘Silver Economy,’ and this marks their entry into the Belgium market. We are happy to support them with an optimally designed building.”
The residential elements comprise 40 studios, 52 single- and 16 two-room apartments of various sizes ranging from 43 to 124m². The units are spread over three wings and have been configured to appeal to different target groups. The apartments are of high specification with open plan living spaces, well-fitted kitchens, cubicle WCs, bathrooms with showers and most include a terrace or balcony. The complex is part of a larger residential development and residents also have access to a shared private garden.