2024-08-21 20:00 CET, Germany | Investment Management | Press release
Munich, 21.08.2024: Catella Real Estate AG (CREAG), Munich, successfully concluded 56 rental agreements for a total of around 51,000 m² of space in the first half of 2024. Around €3.1 million was invested in the continuous energy-efficient refurbishment of the portfolio and maintenance during the same period.
The 56 rental agreements successfully concluded by Catella Real Estate between the beginning of January and the end of June 2024 include 27 new lettings and 29 contract extensions. The total take-up of around 51,000 m² is divided into around 32,200 m² of industrial/logistics space, around 6,300 m² of retail space, 6,100 m² of office space, 3,400 m² of practice space and teaching and residential space. The largest lettings include the letting of around 23,500 m² of industrial and warehouse space to a global logistics company. The existing lease was successfully extended for a further five years and the property is in the IWS2 fund.
Overview of Catella Real Estate letting performance in the 1st half of 2024:
| Total rented space | ~ 51,000 sqm |
| thereof office space | ~ 6,100 sqm |
| retail space | ~ 6,300 sqm |
| logistic space | ~ 32,000 sqm |
| practice and teaching | ~ 3,400 sqm |
Catella Real Estate was able to secure almost EUR 24 million in additional rental income from the new lettings acquired and the agreed follow-up lettings, of which around EUR 5.2 million in annual net cold rent was generated in the first year alone.
Carsten Stork, Head of Asset Management, is delighted with the very good letting result in the first half of 2024: ‘It shows that our individualised support and the strong focus we place on the needs and concerns of our tenants pays off in the long term. We see the positive development in recent months as a good basis for a strong second half of the year.’
In the first half of 2024, CREAG's property portfolio was continuously upgraded and refurbished in terms of energy efficiency. In total, CREAG invoiced construction work totalling € 3.1 million net in the past 6 months. Around € 1.3 million of this was attributable to tenant improvements, around € 800,000 to refurbishment measures and around € 600,000 to ESG measures.
About Catella Real Estate AG
Catella Real Estate AG (CREAG), founded in January 2007 and headquartered in Munich, is engaged in the management of special property funds and the provision of advice on property investments.
CREAG is a licensed capital management company (KVG) under German investment law (KAGB). The purpose of the company is the conceptualisation, development and management of open-ended real estate special funds that are aligned with the expertise and outstanding market position of the Catella Group. CREAG currently manages assets of €7.4 billion in 17 real estate funds (as at 30 June 2024).
For further information please contact:
Catella Real Estate AG
Julia Stübler
Marketing & PR Manager
T: (0)89 189 16 65 275
F: (0)89 189 16 65 466
M: +49 (0)152 389 228 65
E: julia.stuebler@catella-investment.com
Further information can also be found on the website at www.catella.com/immobilienfonds