The Catella Wohnen Europa Fund has made six acquisitions, three in Germany, two in the Netherlands and one in Denmark, totalling €120 mln and taking its assets under management to €925 mln.
The fund managed by Berlin-based Catella Residential Investment Management (CRIM) and open to German institutional investors, made the investments in small-scale affordable housing complexes in Munich, Berlin and Wolfsburg for €65 mln, with €35 mln in Nieuwegein and Deventer in the Netherlands and €15 mln in the Taastrup suburb of Copenhagen. The transactions were executed through the AIFM-registered Catella Real Estate AG (CREAG) investment platform.
Michael Keune, managing director of Catella Residential Investment Management, said: 'The fund’s latest acquisitions in Germany, The Netherlands and Denmark, are good examples of the main themes within its investment strategy. These include providing affordable rental homes by investing in small apartments in central locations of cities such as Munich and Wolfburg, where high rents are the norm due to high demand and constricted supply; or offering accommodation to key workers on relatively modest incomes who need to live close to major cities, as is the case in Copenhagen. The Berlin acquisition is targeted at the growing group of retirees who want to downscale in the size of their homes and move to affordable apartments, while continuing to live in the major cities.'
Germany
The property in Wolfsburg, which is located in the north of Germany near Hanover, is the largest of the three German deals and comprises a residential and commercial building purchased for almost €30 mln. The property offers small affordable apartments, tailored to one-to-two-person households, for a very broad group of people including young professionals, singles and trainees.
In Munich, the fund has acquired a recently renovated and fully-leased multi-family complex with 30 apartments, for a total investment volume of €15 mln.
In Bernau, near Berlin, the fund has acquired a new senior housing development comprising six free-standing residential buildings, with a total of 84 apartments over a rentable area of 6,515 m2 and 68 parking spaces, for €22 mln from developer Wachtel Wohnbauten. The complex includes a facility for recreation and day care and is well-connected by public transport and the Berlin city motorway.
Denmark
Catella Wohnen Europa has also expanded its portfolio in Denmark, with the purchase of a fully-leased residential complex comprising 42 apartments in the suburb of Tåstrup. near Copenhagen. Dating from 2006, the complex offers affordable housing units at a location with excellent public transport connections to Copenhagen’s city centre. Following this purchase, Denmark accounts for approximately €175 mln of Catella Wohnen Europa fund’s assets under management.
The seller was Topdanmark, which is the second-largest Danish insurance company.
Catella initiated its first one billion-euro European residential fund in 2007 and this has produced average net returns for investors of 8.2% a year since launch until end-Q3 2019. The Team also launched the first specialised European Student Housing Fund in 2013.
