Catella Residential Investment Management acquires two German residential assets

Berlin-based Catella Residential Investment Management (CRIM) has paid €40 million ($44 million) for residential properties in the German cities of Dresden and Krefeld.

The Quartier am Mozartbrunnen development in Dresden was acquired from a joint venture between GAMMA IMMOBILIEN-Besitz und Beteiligungs-GmbH and AKTIVA Bauträger GmbH. The Alte Seidenweberei property in Krefeld was acquired from a pension fund.

The purchases were made under a mandate from one of Germany's largest cooperative banks. The transaction lifts the assets under management for the bank managed by CRIM to more than €100 million ($111 million). At least €300 million ($335 million) is planned to be invested in residential assets, with a focus on affordable housing, in Germany under the mandate during the next two years.

“Both acquisitions perfectly align with the mandate's investment strategy and its high social standards,” said Michael Keune, managing director at CRIM. “The Dre