Catella targets new residential segments and markets with latest fundraise

Catella European Residential I (CER I), the flagship fund of Catella’s residential real estate business, has raised an additional €90m to help diversify into new segments and markets.

Catella Residential Investment Management (CRIM) said the CER I fund, launched in 2007, received the capital commitment from unnamed existing investors.

CER I has already closed on a first deal under the recent capital raise with the acquisition of a €17m building, comprising 98 affordable senior housing apartments, in Reigner, a suburb of Geneva.

This transaction was executed in partnership with Paris-based Bereal Investment Management, which will also be the property’s asset manager, the manager said.

CER I’s managed assets total €1.3bn, and the manager said the fund has produced average annual total investment returns of 8.0% since its inception.

The Berlin-based investment manager said the capital will be placed in new segments of the rapidly growing real estate “living sector” in France and Spain and extend the fund’s geographical reach to additional markets like Austria.

CER I already invests across six European countries and is to add senior housing and micro-living/student accommodation to further diversify its existing portfolio of affordable suburban residential assets, the manager said.

CRIM’s managing director Michael Fink said: “The CER I Fund was trail-blazing when it was launched by the Catella team, because it was the first vehicle to exploit the investment opportunities in cross-border European residential markets.

“Now the collective Catella Residential funds represent the largest European investment platform in the broader real estate living sector, which could be poised to overtake offices in the near future as the biggest investment market of all.”

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