Catella Residential Investment Management (CRIM) has acquired three residential projects in Germany and the Netherlands for approximately €65m, taking total investment volume for the Catella European Residential Fund lll to more than €100m. Each of the properties is situated close to leading business centres in Berlin and Munich, and the southern Dutch town of Helmond.
In Berlin, CER lll has bought an apartment building in Adlershof totalling approx. 5,400m² for circa €28m from Airport Hotel Adlershof. Dating from 2004, the complex is currently being rebuilt and extended by 50 micro-apartments to create a total of 160 fully-furnished units. The scheme, comprising business accommodation suites, a fitness area, conference room and restaurant, is located in the Berlin Adlershof Science Park, one of the most successful high-tech business districts in Germany, and Berlin’s largest media campus. The property is situated close to amenities such as shops, restaurants and cafes, and has good public transport links to the new BER Airport and Berlin’s central station.
In the southern German city of Munich, CER Ill has bought a 2,811m² building comprising 56 apartments from Viva Immobilien Sud for €15m. The apartment block, which also comprises nine parking spaces and four storage units, is in the trendy residential district of Haidhausen on the eastern side of the city centre. It is close to bars, cafes and restaurants, and has good connections to Munich’s S-bahn subway line, railway stations and international airport.
In the Netherlands, CER III acquired three apartment blocks totalling 9,942m² in Helmond, near Eindhoven, for c. €22m. The vendor is a private investment company Reggeborgh. The complex, comprising 92 apartments with surface areas ranging from 70 to 166m² and 68 indoor parking spaces, is located near Helmond train station, with direct connections to the High Tech Campus in Eindhoven.
Patrick Au Yeung, CER III Fund Manager, said: “All three projects are located in or near leading European high-tech campuses and business hubs, where affordable housing is in short supply. With these new investments and our inaugural transaction in Copenhagen in the spring, CER III is now active in three countries in Europe. In less than six months, we are already well on our way towards our €1bn total investment target.”
