The Catella European Residential III Fund (CER III) has acquired a 177-unit, fully rented student housing development in Leipzig, Germany, in the eastern state of Saxony for approximately €23 million ($25 million) from the family office Drengenberg.
This latest investment takes CER III’s total assets under management to €800 million ($860 million). The fund is managed by Berlin-based Catella Residential Investment Management (CRIM).
The 3,520-square-meter (37,889-square-foot) site development was completed in third quarter 2023 and besides the residential units, has a discount supermarket on the ground floor, as well as 65 indoor and outdoor parking spaces. The asset is located near one of Leipzig’s universities in a neighborhood populated by students and artists, with numerous cafes, bars, restaurants and small stores.
“The latest investment in Leipzig by our CER III fund fully meets the environmental standards we demand from the assets in the portfo
