Berlin-based Catella Residential Investment Management (CRIM) has purchased two residential developments in Vienna, Austria and one in Nieuwegein near by Utrecht in The Netherlands for a total of around €90 million, on behalf of the Catella European Residential Fund III (CER III).
The two properties in Vienna are turnkey developments. The first is located in the 21st district of Vienna, close to the Floridsdorf train station. The 155-unit project, with 51 underground parking units and 265 bicycle stands, is in the Schöpfleuthnergasse area and was acquired for €40 million. The project will be completed in 2022.
The second acquisition for around €20 million, ‘Klosterneuburg,’ is a 70-unit property, comprising two to four- room apartments with either a garden, balcony or terrace, overlooking local vineyards. The development will be completed in 2021.
The Dutch development is located in Edisonbaan, Nieuwegein, close to Utrecht and was acquired for about €30 million. ‘Park Rijnhuizen’ consists of nine office blocks, CER III bought four of them, which will be transformed into 111, two to four-bedroom apartments, each with its own parking space. The average size of each apartment will be 62 square metres. In total, the development will offer 6,958 square metres of residential floor space and 140 square metres commercial space, existing of offices and lounge area.
”European residential real estate has shown its resilience relative to other investment property sectors during the Covid-19 pandemic and particularly in Austria.”
“The two acquisitions in Vienna mark our entry into a sixth European country since the CER III Fund launched 18 months ago. European residential real estate has shown its resilience relative to other investment property sectors during the Covid-19 pandemic and particularly in Austria. Catella’s latest Austria residential ‘Market Tracker’ research shows apartment values rose, on average, 9.5% in the first three-quarters of this year and yield compression has persisted in the multi-family sector across all cities. We expect demand for residential real estate to remain high, notably from international investors, whose share of the market has climbed to 45%, confirming Austria’s position as a preferred European investment location,” said Xavier Jongen, Managing Director CRIM.