Catella Residential Investment Management (CRIM) and Catella Real Estate have acquired a wood-hybrid apartment project in Germany for an open-ended European real estate fund.
The Falkenquartier project, comprising 67 affordable apartments in Berlin, Germany has been acquired for Catella Wohnen Europa from developer Falkowski for an undisclosed sum.
The project in Pankow, consisting of over 6,000sqm apartments in eight buildings, is due to be completed by the fourth quarter of 2024.
Michael Keune, managing director CRIM, said: “Berlin’s Pankow district is known for its attractive natural environment with the largest inner-city forest in Berlin, and there is strong demand for affordable, modern, sustainable housing in the area, especially for families, which is not being met by available supply.
“With this development, we are creating additional housing in a highly sought-after residential location in Berlin, with plenty of greenery in the surrounding area, such as Weißenseer Park, with lido, open-air theatre, the nature reserve Am Faulen See and the green corridor on Hansastrasse.”
Benjamin Rüther, head of fund management at CRIM, said: “The European energy crisis has brought into focus the way developers build and adapt their assets for energy resilience. Innovative construction and design processes also drive down operating costs in the long term for investors and tenants.”
Rüther said the Falkenquartier development is being built as an efficient and innovative energy concept, using timber module construction methods to meet the low operating cost requirements.
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