Berlin-based investment manager Catella Residential Investment Management (CRIM), a subsidiary of the Swedish Catella Group, has announced the acquisition of 215 residential units in the German city of Lübeckand Den Bosch in the Netherlands, for €27.2 mln.
The purchase was made on behalf of the Catella Wohnen Europa investment fund.
Built in 1946, the Lübeck property is located in the St. Lorenz Nord district, close to the city centre. Most of the 149 residential units, with total leasable space of 7,336 m2, have been renovated in recent years. The purchase price is €15 mln.
The residential complex in Den Bosch, the capital of the province of North Brabant in the Netherlands, was built in 1975 and measures around 3,700 m2. The property has 66 apartments and 61 outside car parking spaces. Originally used as a tax consultancy office, the building was converted into apartments with high-quality finishes and fittings in 2016. The purchase price is around €12.2 mln.
'While the structure of each of the properties has evolved over time, the buildings have been brought up to modern standards. This makes them a perfect fit for the long-term focus of our portfolio. In addition, we had already acquired a residential property at the Den Bosch location in 2016, with rentals per square metre almost €2 higher than those for the most recently acquired comparable residential units,' commented Benjamin Rüther, deputy fund manager at Catella.
The Catella Wohnen Europa investment fund is a German open-end mutual real estate fund for professional and wealthy private investors. Launched in February 2016, the fund has real estate assets under management of more than €415 mln. It invests in selected European core markets, such as Germany, France, the Netherlands and Scandinavia.
