Catella Real Estate's residential team has advised a southern German institutional investor on the acquisition of 130 new apartments in Bamberg and Berlin for a total of €40 mln.
The purchases were made for one of the German institution's special funds, which is managed by capital management company Institutional Investment Partners. Catella performs the portfolio management in the residential segment of the fund.
'With the acquired project developments, at demographically stable and prospering locations, we can take advantage of the high yield potentials of project developments for our investors,' says Michael Keune, portfolio manager at Catella.
The acquisitions include phase B of the Hasenheide project development in Berlin, purchased for €30 mln. The scheme includes the construction of 97 apartments with 6,475 m2 of lettable space in the district of Neukölln, and is planned be completed in 2018.
In Bamberg, north of the metropolitan area of Nuremberg, a residential project was acquired for €10.25 mln. The complex comprises 23 newly built apartments in three buildings, as well as six renovated existing apartments and five terraced houses, with a total of 3,152 m2 of lettable space.
'We are confident that we will be able to benefit from favourable purchasing situations from our Europe-wide network in 2017 as well,' concluded Xavier Jongen, head of Catella's residential property funds.
