Catella Residential Investment Management (CRIM) has acquired €30m worth of assets in Germany for clients.
CRIM said it bought a development of 100 apartments and a supermarket in Braunschweig in Lower Saxony, as well as a senior living property in the eastern German city of Dresden from private sellers.
The manager said it bought the Braunschweig project for just under €22m under a separate mandate for a south German pension plan within its Institutional Investment Partners Fund (2IP).
In Dresden, the manager has bought a senior living home with 45 residential units, as well as a commercial property with 2,376sqm of rental space for €8.4m. The investment was made under a separate mandate for a south German insurance company in Dresden-Neustadt within the 2IP fund.
CRIM manages the 2IP portfolio.
Matthias Bursi, Catella fund manager for European residential, said Catella Residential’s first acquisition in Braunschweig is an extension of its strategy to invest beyond the main European gateway metropolises to other growing cities and regions with “solid demographic and economic prospects and attractive risk-return profiles”.