Munich-based Catella Real Estate has acquired the 12,668 m2, fully let Planetenbaan 20-99 residential property in Maarssen, the Netherlands, for its special fund, Catella Dutch Residential II (CDR II).
The seller is Edelwonen, part of the Bouwhuis Group, a residential property investor and manager specialising in multifamily homes.
Financial details were not disclosed, but the Dutch land registry records a purchase price of more than €54 mln.
The complex consists of three buildings with 8 to 12 floors. The property was originally built as an office complex in 1990, and converted into 294 micro flats and studios in 2019. The flats vary in size between 25 and 52 m2.
The complex has communal and service facilities, such as a sauna, fitness centre, lounge and cafeteria, 84 storage rooms and around 207 parking spaces and 113 garage spaces.
The property, which is categorised with energy level A according to Dutch standards, will be refurbished at the seller's expense by improving the glazing and roofing and renovating the façade in the coming months. The residents of the fully rented complex can remain in their flats throughout the adaptation process.
Axel Bertram, portfolio manager of Catella Dutch Residential II said: 'The supply of flats for sale in the Netherlands is becoming increasingly scarce. In the first quarter of this year, almost 20% fewer flats were sold than in the same quarter last year due to the supply gap.
'However, due to our good network in the Netherlands, we managed to acquire this particular apartment complex for the fund. The property's location in the catchment area of Utrecht and Amsterdam also convinced us from the start.
'On the one hand, we can further increase the diversification of the portfolio, which currently comprises 10 properties, with the Maarssen location, and on the other hand, these are growth regions with strong forecasts.'
CDR II invests primarily in economically strong regions in the Netherlands and, to a small extent, in Belgium. The focus is on classic residential properties and on senior housing, both in the core space.
