Open-ended European residential property fund Catella Wohnen Europa (CWE) has invested €85m to buy a residential complex in Denmark.
Catella Residential Investment Management (CRIM) and Catella Real Estate (CREAG) said they have bought Hi:Life, an affordable rental residential complex in Aarhus for CWE.
The 17,636sqm residential complex was acquired from Europa Capital and Keystone Investment Management, selling on behalf of the Europa Fund V fund.
Located in the northern district of Christiansbjerg, the Hi:Life residential complex – which opened in 2020 – comprises 234 one to five-room apartments.
Benjamin Rüther, the head of fund management at CRIM, said the Hi:Life asset will make a valuable contribution towards the fund’s environmental, social, and corporate governance goals, not only because of its large-scale solar panel system and other energy-saving components but also by offering high-quality accommodation as standard at rental levels slightly below the prevailing market rate.
“This makes the investment highly desirable in the affordable rental market segment as well as expanding the geographic diversification of the fund’s portfolio.”
CRIM and CREAG said the latest deal lifts CWE’s Danish portfolio to over €270m.
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