A fund managed by Catella Residential Investment Management, the Berlin-based investment arm of the Swedish Catella Group, has acquired an apartment complex in Hamburg for around €43.5 mln.
The acquisition is the fourth purchase for the Catella Modern Living fund and brings its value to over €100 mln.
The apartment complex, developed by local player Sicon, is a turnkey project comprising 347 one- and two-room flats which offer a combined 10,000 m2 of rental space.
It is being rolled out as a 'Simplify your life' campus, designed to be equally attractive for short- and long-term stays for target groups such as commuters, businesses, students, tourists, families and transit travellers. Prices range from €60 per night or from €580 per month. ‘We are sure that the property will serve as a model for many other concepts of this kind,’ said Michael Keune, managing director of Catella Residential Investment Management.
The campus is located in the Hamburg district of Stellingen. Completion is scheduled for the end of 2018 or the beginning of 2019.
The Catella Modern Living fund was launched in the third quarter of 2017 and is aimed at both institutional and private banking investors who want to invest at least €100,000.
Hamburg-based Pankow Consulting advised on the transaction.
