Munich-based investment manager Catella Real Estate (CREAG) has acquired The Bassin, a 159-apartment student housing complex in Maastricht, from an initiative of Mulleners Vastgoed.
Financial details were not disclosed.
The purchase was made on behalf of the Sarasin Sustainable Properties - European Cities
fund (SSP), an institutional fund jointly managed by CREAG and Bank J. Safra Sarasin with assets under management of over €500 mln.
Axel Bertram, portfolio manager at CREAG, said: 'The latest acquisition in Maastricht, which has a severely constrained housing market, offers a great opportunity for future income and asset value growth.'
Comprising two five-floor buildings, the complex is named after the Bassin, Maastricht’s
historic inner harbour in the city centre, where the property is located.
Formerly two office blocks, the newly renovated buildings with a total lettable area of 3,100 m2, have been transformed into independent industrial-style studio apartments, each with a private kitchen and bathroom, ready for the the academic year starting September 2020.
The property has solar panels on the roof and a total of 48 above-ground parking spaces.
Ralph Willems, acquisition manager Catella IM Benelux added: 'Maastricht University has a strong reputation for science and research, attracting some 18,000 students of which 53% are international students.
'This student population has put pressure on the city’s limited private rental housing stock and specifically student housing, which we believe makes newly renovated properties such as the Bassin highly attractive. Even more because the private rental market in Maastricht is severely constrained by low levels of new development and affordability for students is an issue.'
CREAG completed the acquisition in September 2020. The property will be managed by Catella Investment Management Benelux (CIMB) based in Maastricht.
Catella was advised by the law firm CMS in the transaction.
