Catella Residential Investment Management’s (CRIM’s) open-ended pan-European fund has received €200m from BNP Paribas REIM and a number of German institutions including pension funds.
CRIM said the additional capital raised for the Catella European Residential III (CER III) lifts the fund’s total capital raised to more than €1.2bn.
As previously reported, CER III, which was launched in 2019, is backed by Norway’s KLP, German doctors’ pension scheme Nordrheinische Ärzteversorgung and a number of German pension funds and insurers.
The Article 9 dark green impact fund has a diversified portfolio of investments encompassing around 30 residential properties in seven countries across Europe, CRIM said.
Michael Fink, CRIM’s managing director, said: “At a time of elevated market uncertainty and volatility, the need for ‘dual materiality,’ or the combined objectives of achieving climate mitigation and societal returns alongside financial targets, is getting even more important in investments.
“CER III has a focus on the ‘decarbonisation transition’ in its residential investments and we are also strongly targeting affordable rents. Catella’s ‘skin in the game’, or alignment of interests between us and the investors through the fee structure of the fund, also reinforces the third ESG pillar – the ‘G’ for governance.”
Casper van Grieken, executive director, CBRE Netherlands – head of capital advisers, said: “The latest successful €200m capital raise for the CER III fund, demonstrates its attraction for institutional investors with high ESG impact-investing standards.”
CBRE Capital Advisors are mandated to advise on fundraising from international investors.
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