Berlin-based Catella Residential Investment Management (CRIM), the housing arm of Sweden's Catella Group, has acquired around 300 apartments located across Europe in three transactions for an individual mandate for a southern German pension fund.
The deal for the properties, which are located in Aarhus in Denmark, in Tilburg in the Netherlands and in the HafenCity district of Hamburg in Germany, represents an investment of around €117 mln.
The project development in Aarhus comprises a city centre scheme with around 101 apartments, while the Tilburg scheme includes 99 units aimed at senior citizens and young professionals in a former nunnery. It also houses a kindergarten, a restaurant and the administrative office for citizens.
The turnkey project development in Hamburg’s HafenCity is located in the Baakenhafen district and was sold by Garbe Immobilien Projekt. The building contains 93 subsidised and privately financed apartments, with retail units on the ground floor.
'With the acquisition of the two properties in Denmark and the Netherlands, we are expanding the allocation of the portfolio across Europe,' said Matthias Bursi, manager of the European residential fund.
'In Aarhus and Tilburg, we are also focussing on growing cities and regions that not only have sound demographic and economic prospects but also a good risk-reward profile. And by investing in modern residential concepts, such as a combination of business apartments and senior housing, we are taking account of the growing demand for new forms of housing and living concepts,' Bursi added.
Over the past three years, CRIM has invested a total of around €500 mln for this particular pension fund mandate across four European countries.
Institutional Investment Partners (2IP) acted as the financial investment management company (KVG), while CRIM is responsible for managing the portfolio.