Catella Residential Investment Management’s (CRIM) open-ended pan-European fund has bought a Dutch office tower to redevelop for residential use.

The Catella European Residential III Fund (CER III) has acquired the Ceylonpoort office tower in Haarlem, near Amsterdam, for €65m. The former office of publisher VNU was acquired from developer Wedda.

The redevelopment of the tower, which is scheduled for completion in mid-2024, will accommodate 162 apartments, 536sqm commercial space, and a three-level parking garage for residents.

Paul van Stiphout, fund manager at Catella Residential Investment Management, said: “Our CER III Fund is pursuing a longer-term pan-European strategy of investing in high-quality, well-located residential assets with strong ESG credentials.

“This investment is an ambitious conversion play from a redundant office to a much-needed affordable residential complex with the highest possible level of sustainability.”

Jac Huijsmans, senior acquisition manager at Catella Investment Management Benelux (CIMB), said: “The excellent sustainability credentials of this investment are underscored by the limited amount of CO2 released during construction through retaining the existing building structure, which aligns with the concept of a circular economy.

“Our ownership of the geothermal heat pump installation also enables us to make an additional social impact through cheaper bills for our tenants.”

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