STOCKHOLM, Nov. 27, 2017 /PRNewswire/ --
Berlin-based investment manager Catella Residential Investment Management GmbH (CRIM), focused exclusively on residential assets, has acquired two project developments for the Catella Wohnen Europa investment fund: one in Bremen, Germany, and the other in Aarhus, Denmark. The total purchase price of the 25,000 m2portfolio was around EUR 88.6 million.
"The two acquisitions will allow us to further diversify our existing portfolio. In terms of residential property, Aarhus and Bremen are core markets, given that their population sizes are predicted to increase long-term and demand already significantly exceeds supply. Accordingly, the investments are a perfect fit for our broad-based portfolio", says Benjamin Rüther, Deputy Fund Manager at Catella.
About the Bremen acquisition: microflats near the university
A microflat complex with 215 units and total residential space of around 12,470 m2was acquired in the Hanseatic City of Bremen. The high-spec building, currently under construction by a company in the Zech Group, is expected to be completed and handed over to its future tenant, the City of Bremen, in March 2018. The city has entered into a 10-year double-net lease with an option to extend for a further five years. The purchase price is around EUR 35.5 million.
The development is located very close to the university in the north-east of the city and benefits from excellent public transport links.
About the Aarhus acquisition: high-quality residential units in a growing market
A project development measuring around 13,000 m2with a total of 162 residential units was acquired in Aarhus, the second-largest city in Denmark. Unit areas range between 56 and 117 m2and completion is expected before the end of this year. The purchase price is around EUR 53.1 million.
The project is located in one of five new districts in the city that have been earmarked for development to meet the very strong demand. The city's population, currently around 340,000, is expected to grow by another 10 percent by 2025. Aarhus is home to some 58,000 students and 125,000 people under the age of 25.
About Catella Wohnen Europa
The Catella Wohnen Europa investment fund is a German open-end mutual real estate fund for semi-professional and wealthy private investors looking to invest at least EUR 500,000. Launched in February 2016, the fund accumulated real estate assets under management of more than EUR 450 million in a single year. Catella Wohnen Europa invests in selected European core markets including Germany, France, the Netherlands and Scandinavia.
Catella is a leading specialist in property advisory services, property investments, fund management and banking, with operations in 14 countries. The group has sales of approximately SEK 2 billion and manages assets of approximately EUR 17 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.
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SOURCE Catella - Property Investment Management