Catella Residential Investment Management (CRIM) has purchased two residential assets in Berlin and Rostock for €30 million on behalf of one of Germany’s largest co-operative banks.
The 2,871 sqm complex in Berlin comprises 47 residential units and is located on Bornholmer Strasse in the middle of a district famous for its 19th Century renovated houses and the largest concentration of Wilhelmian-era architecture in Germany.
The second acquisition is a development in the Brinckmansdorf district of Rostock, a thriving Hanseatic university city situated at the mouth of the Warnow River, where it enters the Baltic Sea, in the north-eastern state of Mecklenburg-Western Pomerania.
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The development is located three kilometres east of the city centre in a quiet residential area and, when completed, will provide 82 residential units in four multi-family buildings spread over a 6,350 sqm site.
“These latest additions to the mandate’s portfolio involve an existing property in Berlin and a project development in Rostock, both of which fulfil a societal need for affordable accommodation in attractive residential areas while providing low-risk, secure income, for our client. In Berlin, we made a conscious decision to invest in an existing property which sits within the framework of a rent cap. The property provides homes in one of the city’s most sought-after residential areas, Prenzlauer Berg in the Pankow district, for less than €8 per square metre,” said Michael Keune, Managing Director of Catella Residential IM.