Catella Real Estate AG (CREAG) has acquired The Bassin, a student housing complex in Maastricht, built on the initiative of Mulleners Vastgoed, for its Sarasin Sustainable Properties – European Cities fund (SSP).
The 159-apartment student housing complex in Maastricht is composed of two five-floor buildings, located in Maastricht’s historic inner harbour in the city centre.
Formerly two office blocks, the newly renovated buildings with a total lettable area of 3,100 sqm, have been transformed into independent industrial-style studio apartments, each with a private kitchen, bathroom, ready for the beginning of the academic year starting in September 2020. The property has solar panels on the roof and a total of 48 above-ground parking spaces.
“This acquisition demonstrates the strength of Catella’s European network. Our market knowledge and local presence across Europe enable us to source high-quality assets and offer ongoing investment and asset management services to funds that we manage on our own behalf and third parties. The latest acquisition in Maastricht, which has a severely constrained housing market, offers a great opportunity for future income and asset value growth,” aid Axel Bertram, Portfolio Manager at CREAG.
“Maastricht University has a strong reputation for science and research, attracting some 18,000 students of which 53% are international students. This student population has put pressure on the city’s limited private rental housing stock and specifically student housing, which we believe makes newly renovated properties such as The Bassin highly attractive. Even more because the private rental market in Maastricht is severely constrained by low levels of new development and affordability for students is an issue,” said Ralph Willems, Acquisition Manager Catella IM Benelux.
CREAG completed the acquisition in September 2020. The property will be managed by Catella Investment Management Benelux (CIMB) based in Maastricht.