Berlin-based Catella Residential Investment Management (CRIM) and Catella Real Estate (CREAG) have acquired an affordable residential complex in Dos Hermanas, Seville, for €17.5 mln on behalf of the Catella Wohnen Europa (CWE) fund.
The transaction will boost the volume of the fund’s Spanish portfolio to approximately €170 mln. The property will be managed by Catella Asset Management Iberia, which already has a portfolio of 1,700 units under management in Spain. The acquisition was made through CREAG’s AIFM platform.
Benjamin Rüther, head of fund management at CRIM, commented: 'This transaction expands CWE’s portfolio of affordable rental apartments as well as adding Seville, a new market for the fund, to its presence in the major metropolitan areas in Spain alongside Madrid, Barcelona, Pamplona and Vitoria.
'The acquisition of this newly built complex demonstrates our commitment to providing affordable housing across Spain – the property offers new accommodation in one of the most popular suburban areas in Seville at a rental level that is more than 25% below that in central locations.
'It is also proof of Catella’s extensive local knowledge and the team's ability to identify projects that add value to the portfolio. The property is almost 90% let, despite the current Covid-19 restrictions.'
The 15,936 m2 complex comprises 101 one-, two- and three-bedroom flats, 101 storage rooms and 106 parking space. The communal areas contain a swimming pool, children’s playground, paddle tennis court, seven-a-side football pitch and green areas.
The total living areas of the one-bedroom apartments is on average 61 m2, while the two-bedroom and three-bedroom flats have a total space of around 83 m2 and 115 m2 respectively. The development was completed at the end of 2019.
