Catella Dutch Residential Fund II buys Gerlachus Senior Living Complex in Maastricht for EUR37m from Ferox
The Catella Dutch Residential Fund II has acquired the Gerlachus residence in Maastricht for around EUR37 million from the Ferox Real Estate Group.
The former Sint Gerlachus retirement home is being completely renovated and will provide 130 senior living homes in a prime location close to the centre of Maastricht. The first residents will move in this autumn, with the project expected to be completed by early 2021.
Catella Investment Management Benelux (CIMB), the fund’s Dutch investment advisor, was responsible for the deal.
Ralph Willems, Senior Acquisition Manager CIMB, says: “As European populations live longer, it is imperative that we provide well-designed, modern apartments suitable for the needs of people who remain vital as they grow older. The Gerlachus residence offers a hybrid living approach, blending comfortable apartments with care facilities, if needed, as well as other services. The Catella Dutch Residential Fund II now has nearly €170 million of assets under management, strengthening Catella’s position as an important player in the senior living and affordable private rental sector in the Netherlands.”
The Gerlachus residence is being comprehensively refurbished to meet the latest requirements of senior-friendly apartments. The ground floor will comprise a number of communal facilities including a lunchroom and a recreation space. It will also include a physiotherapy practice and exercise room for residents of the complex as well as local inhabitants. Nursing home operator Envida will occupy an office in the building to provide individual care and other services to residents of the Gerlachus complex.
Kevin Egenolf, member of the management team at Ferox, says: “Our goal was to create a better experience for residents, and with Envida, a leading nursing home operator, we have developed a senior living hybrid, where residents have the benefits of being in their own home, while also having access to all the services a care facility offers, enabling people to live at home longer. PRM has supported us as a project manager in realising this goal.”