Catella Residential Investment Management GmbH (CRIM), acting on behalf of Catella Wohnen Europa investment fund, has acquired a total of 234 residential units in Vienna and Rostock with leasable space of 8,634 m² under a mandate from a southern German utility. The fund is managed by Institutional Investment Partners 2IP. Catella will be responsible for managing the fund’s residential portfolio, designed for a utility in southern Germany.
“The two residential projects are fundamentally different, which makes them a perfect fit for our existing portfolio. While the property in Rostock offers accommodation surrounded by greenery on the waterside, yet close to a major city, the location in Vienna provides active urban living in a thriving area”, says Matthias Bursi, Deputy Fund Manager at Catella.
Rostock
A residential project development has been acquired in the Gehlsdorf district of Rostock. The complex consists of 10 villa-style residential buildings that are part of a new city neighbourhood development. Located on the riverfront, the properties are expected to be completed by the end of 2018. The project will provide 69 residential units with a total leasable space of c. 5,480m². The purchase price was €16.7m.
Vienna
The project development acquired in Vienna is a block of 165 serviced apartments with 3,154m² of usable space. The property is centrally located at the city’s new central station. Fully operational since December 2015, the station is an anchor point for all urban development in the surrounding area. In addition to two local developments with numerous residential, retail and leisure opportunities being built in the area, there will also be a local recreation facility, the Helmut-Zilk-Park, covering an area of 7ha. The aggregate investment volume is around €15.5m.
All residential units, which are finished to a high standard and fully furnished, have been leased to SMARTments under a 25-year contract, with two five-year renewal options.
