Berlin-based investment manager Catella Residential Investment Management (CRIM), which focuses exclusively on residential assets, has acquired two project developments for the Catella Wohnen Europa investment fund for a total of €88.6 mln.
The schemes, totalling 25,000 m2, are located in Bremen, Germany, and Aarhus, Denmark.
'The two acquisitions will allow us to further diversify our existing portfolio. In terms of residential property, Aarhus and Bremen are core markets, given that their population sizes are predicted to increase long-term and demand already significantly exceeds supply,' commented Benjamin Rüther, deputy fund manager at Catella.
The Bremen buy comprises a microflat complex with 215 units and total residential space of around 12,470 m2. The high-spec building, currently under construction by a company in the Zech Group, is expected to be completed and handed over to its future tenant, the City of Bremen, in March 2018. The city has entered into a 10-year double-net lease with an option to extend for a further five years. The purchase price is around €35.5 mln.
In Aarhus, the company has acquired a project development measuring around 13,000 m2 with a total of 162 residential units. Unit areas range between 56 and 117 m2 and completion is expected before the end of the year. The purchase price is around €53.1 mln.
The project is located in one of five new districts in the city that have been earmarked for development to meet strong demand.
The Catella Wohnen Europa investment fund, which launched in February 2016, is a German open-end mutual real estate fund. It currently has more than €450 mln assets under management and invests in selected European core markets including Germany, France, the Netherlands and Scandinavia.
