Panta Rhei Dutch Residential Fund, the German institutional-structured spezialfonds managed by Catella Real Estate, has sold a residential tower with 160 rental apartments in Rijswijk near The Hague for €42.5 mln.
The identity of the buyer was not disclosed.
Surrounded by water and foliage, the complex comprises a 21-storey tower and is located on Clavecimbellaan. Catella Investment Management Benelux (CIMB), the fund's Dutch investment advisor, was responsible for the transaction.
Voas Brouns, managing director of CIMB and co-founder of Panta Rhei, said: 'The sale of this complex fits in with our goal to further rejuvenate and optimise the housing portfolio of the Panta Rhei Dutch Residential Fund.
'We are pleased we were able to bring the sale to a successful close despite the restrictions in place due to the coronacrisis. Catella continues to look for new investment opportunities for all the funds it manages.'
Panta Rhei purchased the tower in 2016 for €23.85 mln from Amsterdam-headquartered fund Stichting Administratiekantoor Woningfonds Oud-Zuid.
CIMB was advised during the transaction by CBRE, while AKD provided legal advice. The portfolio will be managed by asset and investment manager Rubens Capital Partners. Loyens & Loeff was the legal advisor for the buyer.
