Catella Residential Investment Management (CRIM) has acquired two residential properties in Berlin and Rostock for €30 mln on behalf of one of Germany’s largest co-operative banks.
The deals follow on from recent acquisitions for the mandate in Münster and Leipzig and are part of the bank’s investment programme to spend at least €300 mln over the next two to three years in German residential real estate, with a focus on affordable housing.
Michael Keune, managing director of Catella Residential IM, said: 'These latest additions to the mandate’s portfolio involve an existing property in Berlin and a project development in Rostock, both of which fulfil a societal need for affordable accommodation in attractive residential areas while providing low-risk, secure income, for our client.
'In Berlin, we made a conscious decision to invest in an existing property which sits within the framework of a rent cap. The property provides homes in one of the city’s most sought-after residential areas, Prenzlauer Berg in the Pankow district, for less than €8 per square metre.'
The 2,871 m2 complex in Berlin comprises 47 residential units and is located on Bornholmer Strasse in a well-connected area.
The second acquisition is a development in the Brinckmansdorf district of Hanseatic university city Rostock. The development is located three kilometres east of the city centre in a quiet residential area and, when completed, will provide 82 residential units in four multi-family buildings spread over a 6,350 m2 site.
The neighbourhood features a number of small multi-family buildings and single, terraced and semi-detached houses with a few local shops and a supermarket in the vicinity.
CRIM acquired the Rostock development from CCS Projekt.
