5 December 2016 – Real Estate Press
Catella Real Estate, which is headquartered in Munich, has acquired 277 homes in Berlin, Madrid and Barcelona for €92.7 million, which it will incorporate into its real estate fund Catella Wohnen Europa. The acquisition forms part of the fund’s investment strategy to acquire residential properties across Europe into its portfolio.
“The Spanish market is enjoying a sustainable recovery. Specifically, in Madrid and Barcelona, there are currently some very attractive investment opportunities. Through our Catella network and in collaboration with our asset management and investment platform in Spain, we have identified and executed these excellent acquisition opportunities for our investors”, said Markus Wiegleb, Portfolio Director at Catella.
The Spanish residential portfolio comprises a surface area of 13,469 m2 in total. The fund has acquired two properties in Madrid: the recently renovated building on Calle Genova, 5 for €23.9 million, which was contructed in 1900 and which contains 24 homes; and the modern property on Calle Alaró 4, built in 2008, with 82 residential units, which was acquired for €12.9 million. The third Spanish property, Rambla Poplenou 124 in Barcelona, was constructed in 2002 and contains 59 residential units. It was acquired for €23.7 million. (…).
“Catella has a strong local presence in Europe, with offices in 12 countries. Moreover, we work in partnership with a large number of local companies in other European countries. Our extensive knowledge of the real estate sector and our pan-European reach allows us to access unique investment opportunities for our investors across Europe”, said Xavier Jongen, Project Director at Catella in the residential real estate funds division.
Original story: Real Estate Press
Translation: Carmel Drake