Berlin-based Catella Residential Investment Management (CRIM) has acquired a €50 mln energy-efficient apartments complex project in Heidelberg, in one of the largest and most sustainable urban developments in Germany, on behalf of a separate mandate for a southern German pension fund.
The investment will lift total assets managed for the mandate, structured as a German institutional ‘spezial’ fund to invest in four countries across Europe, to more than €800 mln. The vendor was Kreer Development.
The development is located in Bahnstadt to the west of Heidelberg’s city centre, an emerging district which aims to set a national standard for sustainable residential accommodation by mitigating carbon emissions with heating and electricity supplied from renewable energy sources for all the new housing in the area.
‘This latest addition to the European portfolio of our institutional mandate is breaking new ground in terms of sustainability and social impact standards and is one of the last available properties in the new district,’ said Michael Keune, managing director Catella Residential Investment Management. ‘The development will comprise both rent-controlled and mid-range rental accommodation integrated within the buildings, creating a diverse social mix of residents.’
The residential complex will be completed in the first quarter of 2023 and will include 108 residential units with a total living area of 7,750 m2 and 1,340 m2 of ground floor retail spread over two separate buildings. Future commercial tenants will include a local bakery, restaurants and retailers, such as discount supermarket chain Aldi and pharmacy DM. In addition, an underground car park will provide approximately 140 spaces and 283 bicycle stands.
