Catella Modernes Wohnen (CMW), the German open-ended real estate fund, has acquired 121 affordable residential units in a new development in the western Ottakring district of Vienna for around €39 mln.
Berlin-based Catella Residential Investment Management GmbH (CRIM) managed the acquisition on behalf of the CMW fund while Munich-based platform Catella Real Estate AG provided the AIFM platform.
The new development is supplied by renewable energy sources for the communal areas and comprises three residential buildings totalling 6,884 m2, two located along Lorenz-Mandl-Gasse (east) as well as Wernhardtstraße (south) and the third set back from the street between the two other wings.
Most of the modern, high-quality affordable apartments are divided into two three-room units designed to appeal to students, singles and couples. The complex also features several office units, 230 bicycle spaces and 67 underground car parking spots.
Benjamin Rüther, head of fund management CRIM, said: 'Catella established a local team and opened its first office in Vienna in February on the back of the strong deal pipeline we’ve been able to establish in the market.
'This latest acquisition in Vienna demonstrates our ongoing business momentum while the emphasis on sustainability and affordability in the Austrian residential rental market is completely aligned with Catella’s investment philosophy and the mandate we have from our clients.
'The high sustainability credentials of the properties in Ottakring are a perfect match with the type of investment we are seeking.'
PwC Legal Austria acted as legal advisor.
