Berlin-based Catella Residential Investment Management GmbH (CRIM) has sold two centrally located fully-let residential and student housing assets in Warsaw and Krakow in Poland to institutional investors in Austria and the Netherlands for more than €60 mln on behalf of Munich-headquartered AIFM platform Catella Real Estate AG (CREAG).

krakow

Krakow

The assets consists of Pereca 11 in Warsaw and Trio in Krakow. Pereca 11 is a residential asset located in the centre of Warsaw, and comprises 193 apartments of varying sizes, including studios as well as one-, two- and three-bedroom apartments. The “Trio” project in Krakow, the second largest city in Poland, contains 139 student residences, 152 apartments and a car park which can accommodate 155 vehicles. The complex was completed in December 2019.

Catella entered the Polish residential market in 2016 with the acquisition in Warsaw, followed by the purchase of “Trio Kraków” in Krakow in 2017.

Benjamin Rüther, Head of Fund Management at CRIM, said: 'The Polish residential market is predominantly (around 80%) an owner-occupier market, but is shifting to a rental market, which will offer attractive investment opportunities for years to come. Both “Pereca 11” in Warsaw and “Trio Kraków” are fully let and are outperforming our business plans. After having achieved very attractive returns for our investors in recent years with both these properties, we now intend to focus on new investment opportunities.'

Clifford Chance acted as legal advisor on both sales.