Catella Residential Investment Management (CRIM) has acquired three residential projects worth €65m in total for its pan-European fund.
The manager said it bought the three residential projects in Germany and the Netherlands, taking total investment volume for the Catella European Residential Fund lll to more than €100m.
In Berlin, CER lll has bought a 5,400sqm apartment building in Adlershof for €28m from Airport Hotel Adlershof. The complex is currently being rebuilt and extended by 50 micro-apartments to create a total of 160 fully-furnished units.
In the southern German city of Munich, CER Ill has bought a 2,811sqm building comprising 56 apartments from Viva Immobilien Süd for €15m.
In the Netherlands, CER III acquired three apartment blocks totalling 9,942sqm in Helmond, near Eindhoven, for €22m from private investment company Reggeborgh. The complex, comprising 92 apartments.
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.”
The CER III fund was launched with €50m in seed capital from a German pension plan, which subsequently made a top-up investment of €20m.
