Catella Real Estate has announced that a sustainable properties fund it launched with Swiss private bank Sarasin is using the proceeds of its second close to buy assets in three European cities.
Catella Real Estate has announced that a sustainable properties fund it launched with Swiss private bank Sarasin is using the proceeds of its second close to buy assets in three European cities.
The fund, Sarasin Sustainable Properties - European Cities, is to invest EUR 72 mln in Oslo, Stockholm and Amsterdam.
The Oslo deal involves a four-storey office and retail development at Kirkegaten 17 for about EUR 26.6 mln. The property was built for jeweller David Andersen at a road junction in the old city centre in 1896. Norwegian developer Stor-Oslo Eiendom renovated the building from 2010-2012 and its 6,000 m2 of rentable area are almost fully let.
Details on the Stockholm and Amsterdam properties are to be released when those deals are finalised.
Aris Prepoudis, head of institutional clients & wholesale bank at Sarasin: 'It is precisely the international cautious and conservative Swiss investors who appreciate core properties in the Nordic countries as a safe investment.'
Catella is the asset manager for the fund.
