Berlin-based Catella Residential Investment Management has acquired two residential developments in Hamburg and Dortmund from property developer Gröner Group.
The assets have been acquired on behalf of the Catella European Residential Fund III (CER III) and increase the fund’s assets under management to more than €500 million.
The CER III fund was launched as a SICAV Luxembourg-registered investment vehicle with €50 million in seed capital in 2019.
CRIM managing director Michael Keune said: “The rise of residential at the top of the European real estate sector investment hierarchy has continued unabated through the pandemic.”
CRIM paid €120 million for the 19,268 sq m Hamburg development (pictured above) which is located in the western quarter of Altona, adjacent to the Altonaer Volkspark.
The project, Bahrenfelder Carrée, has 289 residential units and includes 121 flats, 108 studios, 60 subsidised residential units, four commercial units and 177 car-park spaces. The commercial space has been let, long-term, to two grocery retailers. The first phase of construction is expected to complete in 2021 and the second phase is scheduled to finish in 2022.
The Südtribüne project, Dortmund, was acquired for around €22 million and will comprise 63 residential units, a retail area and 54 parking spaces.