Catella Residential Investment Management (CRIM) has acquired a second energy-positive residential tower project in France as part of a €2 bn sustainable development programme across Europe.
The latest addition, located in Dijon, was purchased on behalf of an institutional mandate for around €15 mln and will provide 59 affordable and sustainable homes, together with more than 1,000 m2 of office and retail space.
Like the first tower acquired by CRIM in Saint-Etienne, east-central France, earlier this year, the latest project was conceived by French engineering and design company Elithis, with which Catella has an exclusive supply agreement.
Elithis towers generate more power than they consume at cost levels comparable to standard buildings. By eliminating tenants’ energy bills, they can be offered at 5% to 10% lower rents than the average for the surrounding neighbourhoods. Catella is planning to roll out 100 such towers in cities across Europe.
Xavier Jongen, managing director of Catella Residential Investment Management, said: 'In April, the EU announced a new target for cutting CO2 emissions - by 55% by 2030. Elithis towers already outperform this target, and the 2050 carbon neutral end goal, through the use of technologies which render the buildings energy positive from the outset while also providing social benefits as the apartments are more affordable than regular rental units due to the fact that substantial reductions in tenants’ energy costs are possible.'
The development in Dijon is located at the heart of the Arsenal eco-district, a 12.6 hectare regeneration scheme which is transforming former military and industrial land into a new residential quarter. The property will be constructed in such a way that it can be easily converted for other uses. The systems and technologies employed, such as its connnection to a district heating network and its bioclimatic design, make it energy-positive from the outset.
Thierry Bievre, CEO of Elithis, said: 'The urgency to act on climate change is getting ever greater as the world hopefully gets back towards normal, post-pandemic, in the second half of this year, but that will also mean a resurgence in carbon emissions. Net carbon neutral in Europe in 30 years is no longer good enough and the EU has to raise the bar further and force real environmental and social impact investing in the property industry, which accounts for 40% of global CO2 emissions, overwhelmingly in the residential sector.'
He added: 'The Catella/Elithis combination is one of the most serious contenders in being able to deliver energy-positive assets at scale and affordable homes across Europe. There is a need for government and municipalities to clear the way by reforming planning regulation for the new age and releasing land, so this green revolution in the largest asset class of all can get underway.'
