Berlin-based Catella Residential Investment Management (CRIM) has paid €45 million ($54 million) for a student housing property in Copenhagen.
The 10,226-square-meter (110,071-square-foot) Telegrafkollegiet student residence was built in 1971 for commercial purposes but renovated extensively in 2020 to become a state-of-the-art student accommodation asset. The property consists of 262 apartments, communal facilities, kitchens and exercise rooms, and it includes 40 parking units.
The property is located in Ballerup, one of Greater Copenhagen’s major business municipalities. It is home to a large number of business clusters, including CIT and technology, life sciences, business and finance.
“At the beginning of the COVID-19 pandemic, we expected student housing values to decline slightly, as did the rest of the market, but this did not happen despite reduced liquidity and lower levels of transactions,” said Michael Keune, managing director at CRIM. “Even
