Catella Investment Management Benelux (CIMB) has acquired two residential developments in the Rijnmond conurbation in the west of the Netherlands for €65 mln on behalf of two Catella funds.
The first asset is a €45 mln affordable housing property in Rotterdam bought on behalf of the Catella Wohnen Europa Fund (CWE) from developer CreFu. The second is a recently converted studio apartment complex in Capelle aan den IJssel purchased for €19 mln for the Catella Modernes Wohnen Fund (CMW) from Waterford Rive Republic.
Both funds are managed by Catella Residential Investment Management GmbH (CRIM) and Catella Real Estate AG via their AIFM platform.
Ronnie Holtslag, director acquisitions at Catella IM Benelux: 'The Netherlands is experiencing a severe housing shortage, especially in the affordable housing category. As long-term investors in residential real estate we can help alleviate the lack of supply by financing projects like these, which will offer modern, comfortable homes to a wide range of tenants. With monthly rents in the Rotterdam development expected to be between €850 and €1,100 depending on the size of the apartment, these new homes will be accessible and affordable to middle-income earners.'
In Rotterdam, construction of the 161 apartments spread over two blocks will start shortly, with completion expected in Q2 2023. Upon completion, the development will deliver a total living area of approximately 10,600 m2. The Palladio building will comprise 96 apartments with 61 ground-floor parking spaces while the Michelangelo complex will provide 65 apartments with 40 parking spaces at ground floor level.
The second acquisition is the 113-studio apartment Rive Republic complex. Formerly an office building, which was converted in 2019, the fully-let property comprises 4,339 m2 of 113 residential with 125 m2 of commercial space and 99 parking bays.
