Berlin-based Catella Residential Investment Management (CRIM) has acquired a 225-apartment student residence in Copenhagen, named Støberiet, for €60 mln.
The asset was acquired on behalf of a German pension fund from Teglholm Park. The deal increases the assets under management to almost €1 bn for this mandate.
The five-storey property is located at Støberigade 8-10 in the harbour area of Sydhavn on Copenhagen’s Teglholmen peninsula. It comprises 225 one- and two-bedroom apartments, a small communal courtyard, laundry and storage facilities, and a retail unit let to a well-known supermarket.
Benjamin Rüther, head of fund management, CRIM commented: 'The property, a former industrial building dating from the 1920s, ticks many of our investment criteria boxes. It was redeveloped in 2015 and has been designed and constructed to high energy standards with a Danish A2010 energy label.
'On the one hand redevelopments like this one meet our high environmental sustainability standards, on the other they fit perfectly into our antifragility strategy. Furthermore, Teglholmen is rapidly developing into one of Copenhagen’s prime residential locations and holds plenty of upside potential as urban regeneration of this area continues.'
The apartments range in size from 34 to 93 m2, with an average of approx. 41 m2, each with a kitchen and bathroom. The asset is connected to a central district heating system and uses heat exchangers for heating and warm water.
Thylander advised Catella on the acquisition.
