French trade credit insurer Coface has participated in a €500m fundraise by Catella Residential Investment Management’s (CRIM) European residential fund.
CRIM said the new equity commitments, secured in 2022, for the Catella European Residential (CER) III fund, came from Coface and a range of European institutional investors, mainly pension funds.
The latest fundraise lifts the capital raised by CER III, since its launch in 2019, to €1.25bn. The open-ended fund has around 30 residential properties in seven countries across Europe.
Michael Fink, managing director at CRIM, said: “CER III has achieved remarkably strong and rapid growth since its launch in 2019. Catella focuses relentlessly on the highest possible sustainability targets for the decarbonisation transition and which encompass societal fairness through affordable rents.”
Sabrina Communie, in charge of group investment, ALM and cash director at Coface, said: “This investment fully supports Coface’s commitment to reduce its CO2 footprint.” Coface was advised by Amundi Real Estate’s fund selection and multi-management business line.
CBRE Capital Advisors is mandated to advise on CER III’s fundraising from international investors.
Abdallah Ould Brahim, CBRE France, head of capital advisors, said ”we’re happy to welcome Coface as the third reputable French investor in the fund in addition to the two other existing French institutional investors”.
As previously reported, the Article 9 dark green impact fund is also backed by Norway’s KLP, German doctors’ pension scheme Nordrheinische Ärzteversorgung and a number of German pension funds and insurers.
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