Swedish property adviser and asset manager Catella announced on Tuesday that it has raised a total of €40 mln in four equity closings for its Sarasin Sustainable Properties – European Cities fund.
Swedish property adviser and asset manager Catella announced on Tuesday that it has raised a total of €40 mln in four equity closings for its Sarasin Sustainable Properties – European Cities fund.
The vehicle, jointly managed by Catella's German property funds and Bank J. Safra Sarasin, raised about two-thirds of the equity from new investors.
Catella said the fund, which is already in exclusivity to acquire a number of assets, is expected to carry out a fifth equity closing at the beginning of 2015.
'With the fourth equity closing, we are delighted to welcome further investors who share our emphasis on sustainability and experience in real estate Investments,' commented Nicolas Hartel, portfolio manager at Catella's German property funds.
Designed as a special fund according to German investment law, Sarasin Sustainable Properties – European Cities was launched towards the end of 2011 and currently has €200 mln of assets under management.
The fund targets a dividend yield between 3.5 and 4.5% from rental income and has achieved this goal on average for the past two years. The targeted total return over the long term is 4.5-5.5%.