Catella Residential Investment Management (CRIM) and Catella Real Estate AG (CREAG) have sold a Danish residential portfolio to a Swiss Life Asset Managers for €70m. The portfolio comprises four high-quality residential assets located in highly attractive areas in Copenhagen which were acquired separately between 2010-2012 for CER. The four fully-let properties have in total a residential area of 10,486m² (107 units), one commercial unit (office) measuring 262m², collective tenant facilities of 165m² and 35 underground parking spaces.
Benjamin Ruther, Head of Fund Management at CRIM, said: “These properties were purchased some 10 years ago and have achieved a return of more than 13% p.a. which exceeded the original ambitions, so CER’s capital can now be reinvested to secure assets more in line with the Fund’s investment strategy today. These were the first properties we acquired in Denmark and the prevailing market conditions at the time meant that it was possible to buy these prime rental market assets directly from the developers. Since entering Denmark, the funds advised by CRIM have now invested more than €600 million in residential real estate across the country.”
Viktoria Hoffmann, Fund Manager – Swiss Life European Living, commented: "The market entry in Denmark represents another important milestone for the fund in the expansion of the European allocation of Swiss Life European Living, which was launched in 2019. Denmark is a stable, transparent, and liquid real estate market. These four core properties are spread across excellent locations in Copenhagen, Fredriksberg and Hellerup. The portfolio is therefore the ideal basis for further transactions in and around Copenhagen as well as in other cities in Denmark."
Michael Keune, Managing Director at CRIM added: “After a 10-year holding period, it makes sense to realise the strong returns achieved for the fund while taking advantage of investor demand for well-let, high-quality residential across Europe as demonstrated by the level of interest we received for the portfolio.”
