Berlin-based Catella Residential Investment Management (CRIM) has sold a Dutch housing portfolio to rented residential firm Woonhave for more than €100 mln on behalf of the Catella European Residential Fund (CER).
The portfolio comprises 355 apartments covering around 30,025 m2 of lettable space, as well as parking facilities and commercial units, in six properties in total including two in The Hague and one each in Leiden, Rotterdam, Tilburg and Woerden. The average occupancy rate was 97.6% at the end of October.
Constructed in 1991, the Rotterdam residential complex is located on the Lodewijk Pincoffsweg and provides 89 apartments over eight storeys with a total lettable area of approximately 7,500 m2 as well as 300 m2 of commercial space and 22 parking spaces. The commercial area is leased to a day-care organisation.
The bigger of the two properties located in The Hague is an eight-storey residential complex at Til Brugmanplantsoen dating from 1996 which includes 59 residential units over a total lettable area of approximately 5,000 m2, as well as 49 parking spaces. The second property in The Hague is located on the corner of Javastraat and Mallemolen, was built in 1983 and consists of 33 apartments and 14 parking spaces.
The 99-unit complex in Leiden is located on the Zuster Meijboomstraat and was built between 1989 and 1991. It consists of three free-standing, nine-storey buildings, each with 33 apartments. The property in Tilburg is located on the Henriette Ronnerstraat, was constructed in 1994 and consists of 42 three-room apartments. Finally, the 11-storey property in Woerden comprises 33 apartments, each with its own parking space, and a roof garden. It is located on the Nova Zemblakade and was constructed in 1996.
‘This disposal is in line with CER’s active approach to capital recycling, where all the assets in the portfolio are assessed against the fund’s core investment criteria,’ said Xavier Jongen, managing director of CRIM. ‘Quality residential assets are in strong demand and these properties were sold at a price well above book value, thus generating a profit for the fund. Since the fund’s launch it has achieved annual total returns of 8.6% for investors.’
Launched in 2007, CER was the first pan-European open-ended real estate fund in Germany with a clear focus on residential property and it is now the largest of its kind with over €1.5 bn in assets under management (AUM). CER is part of the Catella residential investment platform, the largest cross-border fund series in this property segment in Europe with AUM of roughly €4.4 billion. Catella Investment Management Benelux (CIMB) led the transaction, which was executed via Catella Real Estate’s AIFM platform.
Maurits Olde Meule, managing director CIMB, added: ‘In the Netherlands we advise on some €350 mln assets for CER alone and the fund’s high occupancy rates of more than 97% are a testament to the investment and asset management competence of the entire Catella team. This disposal will allow the fund to reinvest in assets that better fulfil its long-term investment criteria.’
Catella was advised on the transaction by CBRE.
