Catella Residential Investment Management (CRIM) has acquired two residential assets in Leipzig and Münster for overall €30 million on behalf of one of Germany’s largest cooperative banks.
The 4,810 sqm ‘Sonnenpark’ development is located in the Probstheida district of Leizig, to the southeast of the city centre, and comprises a total of 62 residential units and 66 underground parking spaces across three apartment blocks. Each of the 4,810 sqm buildings will have between 18 and 22 two- to four-bedroom apartments featuring high-quality fittings such as floor heating, parquet flooring and electric shutters. A two-bedroom flat will start at a gross rent of around €600 per month with three-bedroom apartments priced at around €925 per month. The apartments are expected to appeal to a wide variety of potential tenants due to their functional and compact floor layouts and mid-range rental levels.
The second acquisition is located in the Gievenbeck district to the west of Münster’s city centre. The 3,873 sqm subsidised housing estate was built in 2002 and comprises six apartment blocks with a total of 54 residential units. The U-shaped development is constructed around a leafy inner courtyard area. The seller of the asset was Bielefeld-based family-owned developer Bautra Group.
The Berlin-based company said this is the first deal within a new €300 million mandate for CRIM from the bank, which will focus on investments in affordable housing.
“The new mandate from one of our longstanding clients represents an extension of our existing successful relationship. The investment framework of the mandate also matches our core ESG philosophy, as the huge need for much greater supply of affordable housing to ensure the prosperity and societal fairness of our cities will remain for many years to come,” said Michael Keune, Managing Director at CRIM.