A sustainable properties fund, created by Catella Real Estate and Bank J Safra Sarasin, has bought a mix-used Dutch asset from Ten Brinke Group.
Munich-based investment manager Catella said it bought Complex Asterlo in Rotterdam, for Sarasin Sustainable Properties – European Cities fund.
The development project of Ten Brinke consists of a 2,500sqm commercial ground floor, 51 rental apartments and 57 parking places above the ground floor.
The delivery of the complex is expected to be in the first quarter of 2020.
Nicolas Hartel, a portfolio manager at Catella Real Estate, said: Investment in a residential and retail building is an excellent way to further diversify the fund’s portfolio and spread risks.
“By acquiring a Rotterdam high-quality mixed-use property, the diversification in retail and residential space can be further expanded.”
Catella and the Swiss private bank partnered in 2011 to form the Sarasin Sustainable Properties – European Cities fund. The fund invests at least 75% of its capital in commercial property, focusing on office and retail, aims specifically to meet the needs of institutional investors in Switzerland, Austria and Germany.