2023-05-17 8:23 CET, Europe, Germany | Press release
Catella European Residential (CER), the German public open-ended real estate fund, has acquired a 14,000 sqm waterfront development of 137 senior living apartments distributed across four buildings on Lake Zwenkau on the southern edge of Leipzig for approximately €50 million.
The seller is SEEBAD Erholungsraum GmbH and completion of the property within the municipality of Zwenkau is planned for summer 2025. Berlin-based Catella Residential Investment Management GmbH (CRIM) is the manager of the CER Fund with Catella Real Estate AG providing the German KVG platform.
Michael Keune, Managing Director CRIM, said: “Germany is one of only five ‘super-ageing’ societies in the world with nearly one-third of its population projected to be over 65 years-old by 2050. This demographic megatrend is already creating a glaring shortage of age-appropriate, assisted living developments and inpatient care facilities across the country. As a result, high quality developments in the senior living sector, as we have just acquired on Lake Zwenkau, are strongly needed to meet surging demand for the foreseeable future."
The four building complexes in the development have a total of 10,800 sqm of living space, of which 88 apartments are designated for assisted living and 49 for care. In addition, a range of communal areas are planned, including a daytime café.
The assisted living apartments are between 35 sqm and 60 sqm and feature en-suite bathrooms, as well as partially equipped fitted kitchen. The living and communal circulation areas in the buildings are barrier-free and wheelchair accessible and each room has a telephone and emergency call system.
The buildings are aligned with the KfW 40 NH German building energy standard, meaning the development only consumes 40% of the primary energy required by a comparable reference building. Photovoltaic panels on the roofs supply the development’s heat pump system with electricity.
Benjamin Rüther, Head of Fund Management CRIM, added: "The sharp rise in energy costs has created challenging financial burdens for nursing home operators. Residents require stable and comfortable room temperatures, often exceeding 25 degrees Celsius, around the clock and expenses have more than tripled for some operators. For this senior citizens' resort, we are deploying renewable energy and modern, efficient technologies for energy-saving building operations offering energy security and a high level of stability in ancillary costs in the long term.”
The Senior’s Resort has direct access to the promenade of Lake Zwenkau, with the nearby harbour the location for a plentiful supply of restaurants and cafés and the Eichholz floodplain forest area in the vicinity also offering opportunities for leisure activities. The town of Zwenkau, with a population of around 10,000, is just under 15 kilometres from Leipzig city centre and the municipality is well connected to the cities of Gera, Jena, Zeitz and Chemnitz via the B2, B95 and B186 federal roads and the A72 and A38 motorways.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007 and its first dedicated European Student Housing Fund in 2013. CRIM is a subsidiary of the Stockholm-based Catella 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 more than €7,5 billion across 10 European countries.
For more information, please contact:
Catella Residential Investment Management GmbH
Stine Zöchling
Head of Marketing and PR European Residential
Telephone: +49 (0)30 887 285 29 76
Mobile: +49 (0)151 544 51 005
stine.zoechling[ at ]catella-residential.com
