Berlin-based Catella Residential Investment Management (CRIM) has acquired residential properties in Dresden and Krefeld for a total of €40 mln under a mandate from one of Germany's largest cooperative banks.
The transaction lifts the assets under management for the bank managed by CRIM to over €100 mln and at least €300 mln is planned to be invested in residential assets, with a focus on affordable housing, in Germany under the mandate over the next two years.
The ‘Quartier am Mozartbrunnen’ development in Dresden was acquired from a joint venture between Gamma Immobilien-Besitz und Beteiligungs and Aktiva Bauträger. The Alte Seidenweberei property in Krefeld was acquired from a pension fund.
Michael Keune, managing director, CRIM said: 'Both acquisitions perfectly align with the mandate's investment strategy and its high social standards.
'The Dresden project is characterised by flats designed especially for families with compact floor plans and high-quality equipment.
'Future residents will also benefit from the complex’s central location, excellent transport connections and direct access to the spacious parks of Blüherpark and Großer Garten.
'The social character of the Krefeld asset is clearly reflected in its mixed-use composition of family-friendly apartments and assisted living units with an associated day care centre.'
In Dresden, the ‘Quartier am Mozartbrunnen’ development is located in Pirnaische Vorstadt in the Altstadt district. The 5,600 m² project is scheduled for completion in 2023 and will provide a total of 58 apartments, a commercial unit to be operated as a café, and 47 parking spaces.
The second acquisition in the Alte Seidenweberei in the Cracau district of Krefeld, is directly opposite the historic Kaiser-Friedrich-Hain park. The 2,600 m2 complex was completed in 2013 and consists of 33 residential units. In addition, there are 44 parking spaces and three commercial units, one of which is currently rented to a day care centre.
Jens Claus, managing director, Gamma Immobilien, said: 'I am delighted that we have been able to add to our many years of a close working relationship with CRIM in Dresden through the sale of this project development.
'We have always be able to achieve solid agreements that satisfy the requirements of parties, which sometimes can be challenging in buyer and developer negotiations, but that has not been the case between Catella and Gamma.'
On both transactions the technical due diligence was carried out by x.project. Legal advisors to Catella were REIUS Rechtsanwälte Partnerschaft mbB in Dresden and CT legal Stein und Partner Rechtsanwälte in Krefeld.
