Berlin-based Catella Residential Investment Management (CRIM) has acquired three residential projects in Germany and the Netherlands for approximately €65 mln, taking the total investment volume for the Catella European Residential Fund lll to more than €100 mln.
Each of the properties is situated close to leading business centres in the German cities of Berlin and Munich, and the southern Dutch town of Helmond.
Patrick Au Yeung, CER III fund manager, said: 'All three projects are located in or near leading European high-tech campuses and business hubs, where affordable housing is in short supply.
'With these new investments and our inaugural transaction in Copenhagen in the spring, CER III is now active in three countries in Europe. In less than six months, we are already well on our way towards our €1 billion total investment target.'
In Berlin, CER lll has bought an apartment building in Adlershof totalling around 5,400 m2 for circa €28 mln from Airport Hotel Adlershof. Dating from 2004, the complex is currently being rebuilt and extended by 50 micro-apartments to create a total of 160 fully-furnished units. The complex, comprising business accommodation suites, a fitness area, conference room and restaurant, is located in the Berlin Adlershof Science Park.
In the southern German city of Munich, CER Ill has bought a 2,811 m2 building comprising 56 apartments from Viva Immobilien Süd for €15 mln. The apartment block, which also comprises nine parking spaces and four storage units, is in the residential district of Haidhausen on the eastern side of the city centre.
In the Netherlands, the fund has acquired three apartment blocks totalling 9,942 m2 in Helmond, near Eindhoven, for €22 mln from private investment company Reggeborgh. The complex comprises 92 apartments with surface areas ranging from 70-166 m2 and 68 indoor parking spaces.
The CER III fund was launched with €50 mln in seed capital from a German pension plan, which subsequently made a top-up investment of €20 mln. In October, CRIM announced the fund had attracted its first commitment from outside Germany, with €40 mln from France’s Primonial REIM.