Berlin-based Catella Residential Investment Management (CRIM) has appointed Patrick Au Yeung as fund manager of the Catella European Residential Fund lll (CER III), its maiden pan-European residential vehicle open to international investors, with effect from October 1st.
In this position he will co-manage the fund with managing director Xavier Jongen.
Au Yeung previously worked as senior investment & portfolio manager international real estate at the real estate arm of Dutch insurer Syntrus Achmea for more than seven years. Prior to that he held various positions at ING Real Estate Investment Management & ING Real Estate Finance from 1998 until 2011, including Director Investment & Separate Accounts and Vice President Structured Finance. During this period, he was also a member of the Global Business Advisory Council at Argus Software Solutions in Houston, U.S.A. from 2007 until 2011.
Following its first close in July, CER III, Catella’s flagship pan-European fund, is targeting at least €1.0 bn in investments in residential real estate markets across continental Europe and made its first €42 mln acquisition over the summer at Fillippahaven in the Valby district of Copenhagen.
The CER III fund’s Luxembourg-based structure provides international investors with easy access to Catella’s residential investment platform, the largest and most geographically diverse across European markets. The fund was launched with €50 mln in seed capital from a German pension plan, which subsequently made a top-up investment of €20 mln. Earlier this month, CRIM announced the fund had attracted its first commitment from outside Germany with €40 mln from France’s Primonial REIM.