Catella Residential Investment Management (CRIM) has bought two German assets on behalf of a new €300m affordable housing investment mandate.

CRIM said it has invested €30m in its first deal to buy the residential properties in Leipzig and Münster on ”behalf of one of Germany’s largest cooperative banks”.

The 4,810sqm Sonnenpark development in the Probstheida district of Leizig was acquired from Unterplan Baubetreuung. The 3,873sqm subsidised housing estate in the Gievenbeck district was acquired from Bautra Group.

Michael Keune, managing director at CRIM, said: “The new mandate from one of our longstanding clients represents an extension of our existing successful relationship.

“The investment framework of the mandate also matches our core ESG philosophy, as the huge need for much greater supply of affordable housing to ensure the prosperity and societal fairness of our cities will remain for many years to come.”

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