Austrian and Dutch institutional investors have bought a residential property and a student housing asset in Poland worth more than €60m from Catella Residential Investment Management.
Announcing the deal, CRIM said the unnamed investors have bought the Pereca 11 residential asset in Warsaw and the Trio student housing asset in Krakow from the Munich-headquartered Catella Real Estate AG platform.
Catella entered the Polish residential market in 2016 with the acquisition in Warsaw, followed by the purchase of the Trio Kraków asset the following year.
Benjamin Rüther, the head of fund Management at CRIM, said: “The Polish residential market is predominantly (around 80%) an owner-occupier market, but is shifting to a rental market, which will offer attractive investment opportunities for years to come.
“Both Pereca 11 in Warsaw and Trio Kraków are fully let and are outperforming our business plans. After having achieved very attractive returns for our investors in recent years with both these properties, we now intend to focus on new investment opportunities.”
Clifford Chance acted as legal adviser on both sales.
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