The Catella European Residential (CER) fund has expanded its portfolio with the acquisition of €147m worth of assets in Austria, Spain, and Germany.

Catella Residential Investment Management (CRIM) and Catella Real Estate AG (CREAG) said the acquisition of the three residential projects in Vienna, Vitoria, and Hamburg lifts the total investment volume of their CER fund to around €1.5bn.

In Vienna, CER has bought 250 new apartments from Austrian developer Haring Group for just under €56m. The development is scheduled for completion in 2023.

CER acquired two standing properties in the social housing sector of Vitoria for €51m. The almost 500 apartments are divided into one- and two-room apartments and are fully let.

In Hamburg, CER has acquired a turnkey project development in the HafenCity port area in the city’s Baakenhafen/Elbbrücken district from Garbe Immobilien Projekt for around €40m. The building, which comprises 15 regulated apartments and 60 private-sector units.

Viktoria Hoffmann, investment advisor for the CER fund, said the investment in Vienna is the fund’s first in the Austrian market and expands the geographical diversity of its portfolio to six countries.

“The Vitoria acquisition ideally complements the portfolio in the affordable housing segment, a key feature of the investment strategy, as well as our focus on healthy regional residential markets, such as this city in Spain’s Basque Country.

“The Hamburg project has cutting edge sustainability features built-in.”