Primonial REIM invests in Catella’s third residential fund
France’s Primonial REIM has committed €40 million ($44 million) to Berlin-based Catella Residential Investment Management’s CER III Fund, which held its first close in July.
CER III, CRIM’s maiden pan-European residential fund, is targeting €1 billion ($1.1 billion) in investments across European residential real estate markets. It initially launched with €50 million ($55 million) in seed capital from a German pension plan, which also made a follow-on commitment of €20 million ($22 million).
The fund made its first acquisition in June, with the purchase of 83 apartments in Copenhagen for €42 million ($46 million).
“The CER III fund’s Luxembourg-based structure provides international investors with easy access to Catella’s residential investment platform, the largest and most geographically diverse across European markets,” said Michael Fink, managing director at CRIM, in a statement. “We anticipate that we will be able to announce furth