Berlin-based Catella Residential Investment Management and Munich-headquartered AIFM platform Catella Real Estate have acquired two residential rental buildings in Spain for a total €22 mln.
The newly acquired assets are located in Dos Hermanas, Seville and Ezcaba, Pamplona, and were acquired for €12.6 mln and €9 mln respectively.
The purchases were made on behalf of the Catella Wohnen Europe (CWE) fund. Catella has already acquired properties for its funds in these two locations and the properties will be locally managed by Catella Asset Management Iberia. The existing portfolio in Spain comprises 2,000 homes.
The Dos Hermanas property in Seville was completed at the end of 2020 and consists of 68 two- and three-bed apartments. The Ezcaba building in Pamplona comprises social housing and consists of 91 one-, two- and three-bedroom, rent-controlled apartments.
Eduardo Guardiola, director and partner of Catella AM Iberia, said: ‘These acquisitions expand CWE’s presence in the affordable rental market, in locations where we already have good knowledge of local needs across all the residential real estate subsegments.
‘Strong demand from our investors allows us to continue the CWE strategy to invest in these locations across segments including student housing and senior living alongside more traditional rental accommodation, and to expand into other large cities in Spain and Portugal where structural imbalances exist between demand for, and the supply of, modern properties at affordable rents.’