STOCKHOLM, April 27, 2017 /PRNewswire/ --
The residential team of investment manager Catella Real Estate has acquired a residential property portfolio with ten German portfolio properties for its Catella Wohnen Europa fund for a purchase price of EUR 118 million.
The acquired portfolio has properties in the metropolitan regions of Düsseldorf, Hamburg and Frankfurt, as well as in Göttingen and Reutlingen. The portfolio's diversified nature across primary cities, university cities and major regional centres is the reason for its attractiveness.
"This acquisition is very important, because it increases the assets under management of Catella Wohnen Europa fund to approximately EUR 450 million after only one year. It also gives the fund a large proportion of portfolio properties in Germany and this will help stabilise the fund's performance and provide room for further international expansion," says Xavier Jongen, head of Catella's initiative in residential property funds.
Occupancy across all properties stands at 99%, reflecting the portfolio's positive aspects. The ten properties consists of 1,041 residential and 14 commercial units, comprising in total more than 62,000 m². All the buildings in the portfolio are in good to very good condition.
"We have acquired an established portfolio with a stable cash return in one of the most attractive property segments. By making more than EUR 100 million available for this project, our investors have shown immense trust in our work," explains Markus Wiegleb, portfolio manager at Catella.
For more information, please contact:
Head of Residential Funds
Ann Charlotte Svensson
Head of Group Communications
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Mr Xavier Jongen, Catella
SOURCE Catella - Property Investment Management