2024-12-27 8:18 CET, Europe, Germany | Press release
The Catella European Residential III Fund has acquired a recently developed standing asset of 235 residential apartments in Madrid for around 60 million -- it’s first investment in the Spanish market -- raising CER III’s total assets under management over €900 million.
Berlin-based Catella Investment Management (CIM) is the manager of the CER III Fund and partnered with Catella Asset Management Iberia (Catella AM Iberia) to close the transaction. Catella AM Iberia is also the asset manager for the property.
The building is located in the Villa de Vallecas district to the southeast of central Madrid, and comprises 235 rental apartments extending over 19,198 sqm of living space and two commercial units. The development was completed in Q1 2024.
Eduardo Guardiola, Managing Director of Catella AM Iberia, said: “Villa de Vallecas is a very popular neighbourhood close to the centre of Madrid with strong population growth and this is reflected in the robust demand for the affordable rental apartments in Catella’s latest acquisition, which is almost fully let. The location has good social infrastructure, such as public and private schools, supermarkets, restaurants and sports facilities, as well as public transport connections, within a ten-minute walk.”
The property has 50 three-room, 115 two-room, and 70 one-room apartments, all with high-quality fittings, electric external blinds and air conditioning. There are 264 car and 34 motorcycle parking spaces and 235 storage rooms. The communal areas include co-working spaces and a gym, as well as green recreational spaces with a swimming pool, a children's playground and a picnic area.
Michael Keune, Managing Director at CIM, said: “The Catella European Residential III Fund invests in modern residential property in European growth regions, with a focus on Germany, the Netherlands, France and Scandinavia. The residential building in Madrid is the first property in Spain that we have acquired for the Fund, further increasing the geographical diversification of its portfolio, now across nine European countries.”
CER III is regulated in accordance with Article 9 of the EU Sustainable Finance Disclosure Regulation (SFDR). All properties included in the fund must be ESG-compliant and are subject to comprehensive ESG due diligence prior to purchase. The residential building acquired in Madrid is certified as ‘Very Good’ under the BREEAM sustainability rating and achieves the top A/A rating in the EPC rating -- which assesses the energy efficiency and CO2 emissions of buildings. The technical systems, such as heating, cooling and ventilation, are not fueled by oil or gas, but are operated entirely by electricity. Some of this electricity comes from the photovoltaic system on the roof.
About Catella Asset Management Iberia S.L. (Catella AM Iberia)
Catella AM Iberia launched its operations in Spain in 2015 and has since boosted real estate assets under management to nearly €700 million. A subsidiary of Sweden's Catella AB Group in Stockholm, Catella AM Iberia’s real estate business focuses on investment, acquisition, management and sales. Catella AM Iberia manages investments and real estate assets in Spain and Portugal on behalf of funds managed by the Catella Group, as well as other institutional investor clients and family offices. https://www.catella.com/en/spain/asset-management/
About Catella Investment Management GmbH (CIM)
Catella launched its first European residential property fund in 2007. The team also launched the first specialised pan-European student housing fund in 2013. CIM is a subsidiary of the Stockholm-based Catella Group and its residential property business includes portfolio management advice, acquisitions and disposals as well as asset management. CIM manages and advises several funds and mandates with assets under management of around €7bn in ten European countries.
For further information:
Catella Investment Management GmbH
Stine Zöchling
Head of Marketing and PR European Residential
Office: +49 (0)30 887 285 29 76
Mobile: +49 (0)151 544 51 005
