Catella Residential Investment Management (CRIM) has added 49 affordable apartments to its German residential investment mandate, which it manages on behalf of one of Germany’s largest cooperative banks.

CRIM has invested an unspecified amount to buy the 4,154sqm of apartments comprising four buildings in Düren, to the west of Cologne in North Rhine-Westphalia, from the Kloepfel Group.

Michael Keune, CRIM’s managing director, said: “There is an urgent need in Germany for affordable, high-quality and sustainable modern living spaces, and our acquisition in Düren is part of Catella’s long-term investment strategy to address this chronic under-supply.”

The latest investment expands the unnamed client‘s portfolio under the mandate to 452 residential units, valued at around €116m following earlier acquisitions in Münster, Leipzig, Berlin and Rostock, Keune said.

The bank’s investment programme is to spend at least €300m over the next two to three years in German residential real estate, with a focus on affordable housing.

“We are actively looking for further investment opportunities for this investor,” Keune said.

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