Catella Residential Investment Management (CRIM) has purchased two residential properties in Leipzig, Germany, and Münster, Germany, for a total of €30 million ($36.4 million) on behalf of one of Germany's largest cooperative banks. This is the first deal within a new €300 million ($364 million) mandate for CRIM from the bank, which will focus on investments in affordable housing.
Michael Keune, managing director at CRIM, said, “The new mandate from one of our longstanding clients represents an extension of our existing successful relationship. The investment framework of the mandate also matches our core ESG philosophy, as the huge need for much greater supply of affordable housing to ensure the prosperity and societal fairness of our cities will remain for many years to come.”
The 4,810-square-meter (51,774-square-foot) Sonnenpark development is located in the Probstheida district of Leipzig, to the southeast of the city center, and comprises a total of 62
