CRIM completes €50m first close for third European residential fund, secures investment

The Catella European Residential Fund III, managed by Catella Residential Investment Management (CRIM), has completed a first close of €50 million ($57 million) and secured a maiden investment of 83 apartments in Copenhagen.

Launched in March, the open-ended fund is the first Luxembourg-based pan-European vehicle allowing international investors access to a geographically diversified portfolio of assets in the residential sector, according to CRIM.

The investment vehicle has already succeeded initial milestones toward its €1 billion ($1.1 billion) total investment volume target. Commitments were comprised of seed capital from a large German pension fund.

The fund invested €42 million ($48 million) in the Copenhagen apartments and plans to announce a forward pipeline of more than €200 million ($227 million) of investments in Denmark, the Netherlands, Germany, and France, in the coming weeks.