The Catella Wohnen Europa Fund (CWE) has acquired a €22 mln residential complex in the historic city centre of Zwolle in the eastern Netherlands from Dutch investor Hermans OG.
The property comprises 67 apartments targeting the mid-market rental sector, five commercial spaces totalling 1,500 m2 and 40 parking spaces.
Berlin-based Investment Manager Catella Residential Investment Management (CRIM), Catella Investment Management Benelux (CIMB) and Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) conducted the transaction on behalf of the Fund.
Just under half – or 28 – of the apartments date from 1991 and will be renovated in phases in line with the latest sustainability standards to achieve the highest possible energy label. The other 39 (gas-free) residential units were completed in 2019 and already have strong ESG credentials. The complex also contains a bicycle storage facility and a shared rooftop garden.
Benjamin Rüther, head of Fund Management at CRIM, said: ‘Zwolle, like many large cities in the Netherlands, suffers from a huge housing shortage, with particularly strong demand in the mid-range rental segment. This complex is located in a popular part of the old city centre where modern homes are relatively scarce, and our refurbishments will also contribute to the sustainability of the city’s existing housing stock.’
Loyens & Loeff acted as legal advisor while SGS Nederland provided technical support for Catella. Brokers Nextfund and Zuiderlink Real Estate advised Catella on the transaction.
