Catella Wohnen Europa (CWE), an open-ended European residential real estate fund, has acquired €125m worth of assets in Germany.
Catella Residential Investment Management (CRIM) and Catella Real Estate (CREAG) said they have bought four residential properties, including two in the micro and assisted living market segments, on behalf of CWE.
The assets were acquired from Revitalis Real Estate.
The deal – which lifts the fund’s portfolio to more than €1.2bn – includes the acquisition of a redevelopment project in Zossen, two new developments in Berlin and Würzburg, and an existing apartment block in Dortmund. The number of apartments held in the vehicle is now over 6,000.
Benjamin Rüther, the head of fund management at CRIM, said: “Each of these assets tick the ESG boxes in their own way - three of the properties offer well-located, modern and sustainable accommodation at affordable rents for key workers and their families, while the fourth is a residential complex offering a wide range of housing and care options for the elderly and people with disabilities.
“These acquisitions meet a real need given the shortage of affordable housing in Germany, while also addressing social inequalities.”
Michael Keune, managing director of CRIM, said: “New-build housing is difficult to find in Berlin, especially in districts where rents are still relatively low compared to more central areas and the turnaround in tenants is limited.
“New developments, such as the Berlin-Marzhan scheme, enable us to offer modern, affordable accommodation to key workers and their families, and its child-care facilities and easy access to the centre of the city will be particularly appealing to middle-income workers, who are being priced out of central Berlin.”
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