Catella Residential Investment Management (CRIM) has invested a further €30m on ”behalf of one of Germany’s largest cooperative banks”.
CRIM, investing on behalf of the new affordable housing investment mandate, has acquired two residential properties in Berlin and Rostock.
Earlier this year, CRIM invested €30m in its first deal for the unnamed bank. The bank’s investment programme is to at least spend €300m over the next two to three years in German residential real estate, with a focus on affordable housing.
Michael Keune, managing director of CRIM, said: “These latest additions to the mandate’s portfolio involve an existing property in Berlin and a project development in Rostock, both of which fulfil a societal need for affordable accommodation in attractive residential areas while providing low-risk, secure income, for our client.
“In Berlin, we made a conscious decision to invest in an existing property which sits within the framework of a rent cap. The property provides homes in one of the city’s most sought-after residential areas, Prenzlauer Berg in the Pankow district, for less than €8 per sqm.”
The 2,871sqm complex in Berlin comprises 47 residential units and is located on Bornholmer Strasse. The second acquisition is a development in the Brinckmansdorf district of Rostock. The development will provide 82 residential units in four multi-family buildings spread over a 6,350sqm site.
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