A European fund managed by Catella Residential Investment Management (CRIM) has made six acquisitions worth €120m.
The manager said the Catella Wohnen Europa Fund has bought affordable housing complexes in Munich, Berlin and Wolfsburg in Germany for €65m in Germany, paid €35 for assets in Nieuwegein and Deventer in the Netherlands and invested €15m in the Taastrup suburb of Copenhagen in Denmark.
The latest deals lift the fund’s assets under management to €925m.
Michael Keune, managing director of CRIM, said the fund’s latest acquisitions in Germany, The Netherlands and Denmark, are good examples of the main themes within its investment strategy.
“These include providing affordable rental homes by investing in small apartments in central locations of cities such as Munich and Wolfburg, where high rents are the norm due to high demand and constricted supply; or offering accommodation to key workers on relatively modest incomes who need to live close to major cities, as is the case in Copenhagen.
“The Berlin acquisition is targeted at the growing group of retirees who want to downscale in the size of their homes and move to affordable apartments while continuing to live in the major cities.”
Benjamin Rüther, Director at CRIM, said: “In Bernau, we teamed up with Wachtel Wohnbauten because, like Catella, they have a strong track record and in-depth experience in catering to the special requirements of senior citizens.
“A senior living complex is completely different to a care facility and must be based on the needs of its tenants so that moving from a regular house to an apartment is an attractive option for them.”