Catella Residential Investment Management GmbH (CRIM) has acquired a student and young professional residence in the German city of Freiburg from project developer P+B Group for €33.8 mln.
The 7,00 m2 Campo Novo Business scheme will provide 305 apartments and short-stay rooms, offering affordable temporary accommodation to students and young professionals.
'The high-quality products of the sophisticated Campo Novo brand impress both users and investors,' said Franz Hilbertz, CFO of the P+B Group. 'The properties are of particular interest to institutional investors who want to benefit from low interest rates and stable returns.'
P+B Group was advised on the transaction by law firm Meyer-Koering.