German public open-ended real estate fund Catella Wohnen Europa (CWE) has acquired a residential project in the city of Bochum from the developer Kreer Development for around €10.5 mln.
The complex will provide 90 fully-serviced apartments targeted primarily at young professionals, and be operated under the STAYERY brand.
Cologne-headquartered Kreer is scheduled to complete the project by mid-2024. Berlin-based Catella Residential Investment Management (CRIM) manages the CWE fund.
The apartment building will have a rentable area of around 3,000 m2 including communal areas and co-working office space of around 315 m2. There will also be 25 underground parking spaces.
Michael Keune, managing director of CRIM, said: ‘Young people want flexible living options in Germany's growth cities and Bochum attracts many younger businesspeople and digital nomads looking for a vibrant university city with a flourishing business environment that is also very close to other Ruhr region’s large economic centres of Essen and Dortmund.’
He noted that the long-stay element of the project ‘is expected to ensure a high occupancy rate and provide long-term stable cash flow for investors’.
The deal follows CWE's acquisition of 67 apartments in Berlin in March
