Investment manager Catella Real Estate has carried out the first acquisition for its pan-European student housing fund by buying a development scheme in Berlin for €41 mln.
The property, which consists of 425 residential units, was acquired from the Homepoint Group.
Commenting on the deal, Xavier Jongen, head of residential funds at Catella, said: ‘There are some 2.7 million students in Germany, the highest number in all of Europe. Considering the continued large inflow prediction for young academics to be enrolled here in coming years, the demand for affordable student housing in Berlin will remain high.’
Located in Berlin’s Lichtenberg district with ‘excellent’ connections to public transport, the property is currently under construction and will be completed in winter 2017/2018.
Following the acquisition, the fund now has a volume of €269 mln, invested in Germany, France, the Netherlands and the UK. Catella said it is currently analysing a pipeline of investment opportunities for the fund, totalling €93 mln, in the Netherlands, Spain and Austria.
