Munich-based Catella Real Estate has acquired 277 residential units in Berlin, Madrid and Barcelona for €92.7 mln on behalf of its Catella Wohnen Europa residential property fund.
'The Spanish market has staged a sustained recovery. In particular, Madrid and Barcelona currently offer very attractive investment opportunities. Through our Catella network, and in cooperation with our asset and investment management platform in Spain, we have identified and executed on these excellent acquisition opportunities for our investors,' commented Markus Wiegleb, portfolio manager at Catella.
The Spanish residential portfolio consists of 13,470 m2 of floor space in total. Two properties were acquired in Madrid - the completely modernised Genova 5 property dating from 1900, with 24 residential units, costing €23.9 mln, and the Alaró 4 property built in 2008, with 82 residential units, at a price of €12.9 mln. The third Spanish property, Rambla Poblenou 124 in Barcelona, was built in 2002 and has 59 residential units. This was acquired for around €23.7 mln.
The €32.2 mln property acquired in Berlin, in the Kreuzkölln district, will comprise a total of 114 residential units across some 6,300 m2 of space, and is due to be completed in 2019.
