Catella Investment Management Benelux (CIMB) has bought a €37m senior living complex for its Dutch residential fund.
CIMB said the Catella Dutch Residential Fund II has acquired the Gerlachus residence in Maastricht from the Ferox Real Estate.
The former Sint Gerlachus retirement home is being completely renovated and will provide 130 senior living homes. The project is expected to be completed by early 2021.
Ralph Willems, senior acquisition manager CIMB, said: “As European populations live longer, it is imperative that we provide well-designed, modern apartments suitable for the needs of people who remain vital as they grow older.
“The Gerlachus residence offers a hybrid living approach, blending comfortable apartments with care facilities, if needed, as well as other services.”
Willems said the Catella Dutch Residential Fund II now has nearly €170m of assets under management.
To read the digital edition of the latest IPE Real Assets magazine click here.