Munich-based investment manager Catella Real Estate has launched the Catella Dutch Residential II fund (CDR II), a successor to its Panta Rhei Dutch Residential fund, with a target fund volume in excess of €300 mln.
Like its predecessor, the fund focuses on investments in the Dutch and to a lesser extent Belgian residential real estate markets and will be managed by Catella IM Benelux.
'The cooperation with our Dutch partner, which is now part of the group, has been very successful in recent years,' said Henrik Fillibeck, member of the managing board of Catella Real Estate.
'In addition, with other Benelux countries and senior housing added to the mix, we are able to achieve an interesting risk-return profile.'
Special fund CDR II, which has been launched specifically for institutional investors, invests primarily in regions with strong local economies. It has been designed as a club deal, with the lead investor a Northern German utility.
The focus is on traditional residential real estate, with living space preferred particularly by older citizens. Catella said it intended to create a broadly diversified portfolio within the next two years.
A first close is planned for as early as September, while the investment fund is targeting an average return of 5.5% p.a.
Catella IM Benelux, headquartered in Maastricht with an office in Amsterdam, has real estate assets of €650 mln under management across the Benelux countries.