The residential team of investment manager Catella Real Estate has advised a southern German institution on the acquisition of a residential portfolio comprising 133 units in Copenhagen, Cologne and Ulm.
The properties consists of more than 10,500 square metres of rental space and were purchased for a total investment volume of €45.5 mln.
The purchases were made for one of the German institution's special funds, which is managed by German capital management company Institutional Investment Partner. Catella performs the portfolio management in the residential segment of the fund.
'The portfolio in Copenhagen, Cologne and Ulm generates a stable cash flow, with full rental and low fluctuation, and complements the portfolio we are managing for the southern German institution,' commented Michael Keune, Portfolio Manager at Catella.
In Copenhagen, 41 completely renovated residential units located near the city centre were acquired for €21.9 mln. The apartments are fully let and have a rental area of 5,074 m2 of rental space.
In the German city of Cologne, 62 residential units (senior housing) with 2,670 m2 of lettable space were bought for €11 mln in the district of Cologne Ehrenfeld.
In the university town of Ulm, a new development with 30 residential units and 2,818 m2 of lettable space was purchased for €12.6 mln in the Dichterviertel. The development is close to the inner city and is to be completed in the second quarter of 2018.
'With our Catella network, we have quickly invested an upper three-digit million figure in cities across Europe that are characterised by their positive demographic development,' concluded Xavier Jongen, head of Catella’s initiative for residential property funds.
