2021-12-30 10:34 CET, Europe, Denmark, Germany | Investment Management | Press release
Berlin-based Catella Residential Investment Management GmbH (CRIM) has acquired a portfolio of 643 units in Copenhagen and Aarhus, Denmark for €260 million on behalf of its Catella Wohnen Europa (CWE) and Catella European Residential III (CER III) funds. The properties were acquired from Formuepleje Group.
CRIM purchased six properties, three in Copenhagen and three in Aarhus, comprising 311 apartments and 21 studio houses, together with 30 parking spaces and three commercial units, for the CWE Fund through the Munich-headquartered AIFM platform, Catella Real Estate AG. A further five properties, one in Copenhagen and the rest in in Aarhus, comprising 304 units, 97 parking spaces and four commercial units, were acquired for the CER III Fund via AIFM platform Vistra Fund Management S.A.
CER III is the first SFDR Article 9-certified ‘dark green’ pan-European residential ‘impact fund’ in the market, meeting the highest levels of sustainable and societal investing compliance for the EU’s Sustainable Financial Disclosure Regulation benchmark. The Fund’s environmental target is to achieve a 100% reduction of carbon emissions over 10 years, while also increasing access to affordable housing. More than 80% of the portfolio will be invested in affordable accommodation through the lifetime of the fund. CER III also addresses the third ‘governance’ pillar of ESG investing through the alignment of stakeholder interests in the fee and risk structure of the fund to ensure Catella has ‘skin in the game’ alongside its institutional investor clients.
Benjamin Rüther, Head of Fund Management for CRIM, said: “Denmark has long been one of our preferred countries for investments. CRIM made its first acquisition in the market some 10 years ago – this year alone, we have invested around €500 million in Danish residential assets to our funds. This is the fifth transaction in Denmark this year and the properties acquired are expected to benefit from continued growth in the local multifamily market segment and strong demand in the two largest cities, Copenhagen and Aarhus. The portfolio also fulfils our sustainability ambitions with over 80% of the properties benefiting from an ‘A energy rating.’”
Henrik Køhn, Partner, Director of Investment and Asset Management for Thylander, adds: “The Thylander team is proud to once again, assist CRIM on a significant transaction. Due to our longstanding cooperation and structural alignment, we managed to process and execute one of this year’s largest acquisitions in Denmark within in a few months.”
The properties purchased for CWE are:
Copenhagen:
Sigursgade: Two almost identical buildings completed in 2019, comprising 85 studio flats ranging in size from 31 to 33 sqm and eight parking spaces.
Robert Jacobsen Vej: Built in 2017, 106 apartments ranging from 56 to 118 sqm and three commercial units.
Hundige Strandvej, (Greve): Constructed in 2020, a total of 22 apartments ranging from 99 to 132 sqm.
Aarhus:
Honningvaenget (Tilst): Built in 2019 comprising 53 apartments ranging from 43 to 80 sqm with an average size of 58 sqm.
Pollenvaenget: The property includes 45 apartments ranging from 48-104 sqm with an average size of 65 sqm.
Grenavej: 21 two-storey terraced houses ranging from 111-120 sqm with an average size of 116 sqm.
The five properties purchased for CER III are:
Copenhagen:
Nordre Fasanvej, (Frederiksberg): A student housing property consisting of 75 units ranging from 37 to 46 sqm with an average apartment size of 39 sqm.
Aarhus:
Finderupvej: A four-storey property constructed in 2009 designed by the renowned Danish C.F. Møller Architects.
Kirkegårdsvej: The asset consists of three buildings constructed in 2007 with 104 apartments ranging from 44 to 71 sqm and 79 underground parking spaces.
Vestergade: The five-storey property was built in 2005 comprising 30 apartments.
Emiliedalen: The property was constructed in 2012 and is located in the attractive Aarhus suburb of Højbjerg and comprises 24 units.
Catella was advised on the transactions by Thylander. Accura Advokatpartnerselskab provided legal advice while X-Projects advised on technical matters.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 with a volume of €1.6 billion and it has since achieved an average net return for investors of more than 9% per year until the end of Q3 2021. The team also launched the first dedicated European Student Housing Fund in 2013.
CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several funds and mandates and has assets under management of €6.0 billion across 10 European countries.
For more information, please contact Bellier Financial:
Steve Hays: steve.hays@bellierfinancial.com
Emma Villiers: emma.villiers@bellierfinancial.com
T: +31 (0) 20 419 09 01
