Catella aquires student housing property for €41m
The residential team of investment manager Catella real estate has made the first purchase for its Catella European student housing fund. The student housing property was acquired for €41m from the Homepoint group, and consists of a development scheme for 425 residential units in Berlin.
The pan-European student housing fund was launched in 2013, and Catella took over the management in mid-December 2016.
“We are pleased to have acquired this building from the Homepoint group, at a good location in Berlin, for our new student fund. Being invested in Berlin means we are further expanding our fund volume in our main target market, Germany. There are some 2.7m students in Germany, the highest number in all of Europe. Considering the continued large inflow prediction for young academics to be enrolled here in coming years, the demand for affordable student housing in Berlin will remain high,” said Xavier Jongen, head of residential funds at Catella.
The property, in the district of Lichtenberg, offers a good location for surrounding educational facilities and excellent connections to public transport. The building is currently under construction and will be completed in winter 2017/2018.
With this acquisition in Berlin the fund now has a volume of €269m, invested in Germany, France, the Netherlands and the United Kingdom. Catella is currently analysing a pipeline of investment opportunities for this fund, of €93m, in the Netherlands, Spain and Austria.
“With this swift acquisition for the recently acquired fund we are able to continue the implementation of the fund’s strategy in one of the most dynamic real estate markets in Europe,” added Christin Schöder, portfolio manager at Catella.