Catella European Residential III buys assets in four cities across Europe for €60m

Berlin-based Catella Residential Investment Management (CRIM) has acquired four standing assets in or near leading European cities including Brussels, Geneva and Berlin for approximately €60 million ($72 million) on behalf of the Catella European Residential Fund III (CER III). The deals follow a new equity raise of €125 million ($149 million) in April from a Dutch pension fund and German institutional client and €55 million ($66 million) in August from two German institutional clients for the fund’s pan-European residential strategy, which focuses on affordable housing and undersupplied subsegments.

In Brussels, CER III has bought a residential building dating from 2005 comprising 65 modern apartments and 70 indoor parking spaces for approximately €25 million ($30 million). Most of the apartments are leased, and units range in size from 41 square meters to 173 square meters (440 square feet to 1,860 square feet). The closing of the transaction is expected to take p