A Swiss Life Asset Managers Germany fund has acquired a Danish residential portfolio from Berlin-based Catella Residential Investment Management (CRIM) and Munich-headquartered platform Catella Real Estate (CREAG) for more than €70 mln.
The asset was sold on behalf of the Catella European Residential (CER) fund.
The portfolio comprises four high-quality residential assets located in Copenhagen, which were acquired separately between 2010-2012 for CER.
The four fully-let properties have in total a residential area of 10,486 m2 (107 units), one commercial unit (office) measuring 262 m2, collective tenant facilities of 165 m2 and 35 underground parking spaces.
Benjamin Ru¨ther, head of fund management at CRIM, said: 'These properties were purchased some 10 years ago and have achieved a return of more than 13% p.a. which exceeded the original ambitions, so CER’s capital can now be reinvested to secure assets more in line with the Fund’s investment strategy today.
'These were the first properties we acquired in Denmark and the prevailing market conditions at the time meant that it was possible to buy these prime rental market assets directly from the developers. Since entering Denmark, the funds advised by CRIM have now invested more than €600 mln in residential real estate across the country.'
Viktoria Hoffmann, fund manager – Swiss Life European Living, commented: 'The market entry in Denmark represents another important milestone for the fund in the expansion of the European allocation of Swiss Life European Living, which was launched in 2019.
'Denmark is a stable, transparent, and liquid real estate market. These four core properties are spread across excellent locations in Copenhagen, Fredriksberg and Hellerup. The portfolio is therefore the ideal basis for further transactions in and around Copenhagen as well as in other cities in Denmark.'
Michael Keune, managing director at CRIM added: 'After a 10-year holding period, it makes sense to realise the strong returns achieved for the fund while taking advantage of investor demand for well-let, high-quality residential across Europe as demonstrated by the level of interest we received for the portfolio.'
Thylander Group acted for on behalf of Catella.