The open-ended Catella Wohnen Europa (CWE) fund has added a €17.5m affordable residential complex in Spain to its portfolio.

Catella Residential Investment Management (CRIM) and Catella Real Estate (CREAG) said they have bought the 15,936sqm complex in Dos Hermanas, Seville for the fund. The acquisition was made through CREAG’s AIFM platform.

The development was completed at the end of 2019 and will be managed by Catella Asset Management Iberia.

The latest transaction lifts CWE’s Spanish portfolio to €170m.

Benjamin Rüther, the head of fund management at CRIM, said: “This transaction expands CWE’s portfolio of affordable rental apartments as well as adding Seville, a new market for the fund, to its presence in the major metropolitan areas in Spain alongside Madrid, Barcelona, Pamplona and Vitoria.

“The acquisition of this newly built complex demonstrates our commitment to providing affordable housing across Spain – the property offers new accommodation in one of the most popular suburban areas in Seville at a rental level that is more than 25% below that in central locations.”

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