Berlin-based Catella Residential Investment Management (CRIM) has appointed real estate veteran Paul van Stiphout as fund manager of Catella’s European Residential Fund III (CER III).
Van Stiphout has nearly 20 years of experience as a fund and portfolio manager. Most recently, he held the position of deputy fund manager & global portfolio manager at CBRE Investment Management.
Prior to that, he worked for many years at APG Asset Management as senior portfolio manager private real estate, as well as at the Dutch doctors pension fund and the Dutch government's building agency, both as portfolio manager.
Xavier Jongen, managing director, CRIM, said: 'We are delighted to welcome Paul van Stiphout, a very experienced real estate investment specialist, to manage our flagship impact fund CER III. With his international network and extensive understanding of the sector, we are confident he will help develop CER III to meet the highest ESG targets.'
CER III has a diversified portfolio of investments encompassing around 30 properties in seven countries across Europe.
The fund aims to significantly reduce greenhouse gas emissions and also incorporates sustainable societal objectives in its investments.
A penalty clause included in CER III’s management agreement means CRIM will donate part of its recurring management fee to a relevant impact-related United Nations charity, should the manager fail to meet the financial, environmental or societal objectives set for the fund.
This strengthens the third ESG pillar - governance (G) - and links investor and fund manager interests in the fee structure.
Said Van Stiphout: 'I am very impressed with the successful development of the CER III fund within such a short space of time and its high ESG targets. I look forward to contributing my know-how to achieving the goals set out for the fund and to make a positive environmental impact with our European team.'
