Catella Wohnen Europa buys Seville and Pamplona apartment blocks EUR22m
Berlin-based Catella Residential Investment Management GmbH (CRIM) and Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) have acquired two residential rental buildings – one in Dos Hermanas, Seville and the other in Ezcaba, Pamplona – for EUR12.6 million and EUR9 million respectively.
The purchases were made on behalf of the Catella Wohnen Europe (CWE) fund.
Catella has already acquired assets for its funds in these two locations and the properties will be locally managed by Catella Asset Management Iberia SL (Catella AM Iberia). The existing portfolio advised by Catella AM Iberia in Spain comprises 2,000 homes.
Eduardo Guardiola, Director and partner of Catella AM Iberia, says: “These acquisitions expand CWE’s presence in the affordable rental market, in locations where we already have good knowledge of local needs across all the residential real estate sub-segments. Strong demand from our investors allows us to continue the CWE strategy to invest in these locations across segments including student housing and senior living alongside more traditional rental accommodation, and to expand into other large cities in Spain and Portugal where structural imbalances exist between demand for, and the supply of, modern properties at affordable rents.”
The Dos Hermanas property in Seville consists of 68 two- and three-bed apartments, each with a separate storage room and 84 parking spaces. It has spacious recreational facilities including a swimming pool, children’s play area, paddle tennis courts, sports area and gardens. Completed at the end of 2020, the complex has a total surface area of 11,500 square metres. The average size of the apartments is 83 square metres for two-bedroom units and 117 square metres for three-bedroom apartments.
The Ezcaba building in Pamplona comprises social housing and is located adjacent to a social housing property acquired for the Fund in the past, thereby increasing its affordable rental residential portfolio in the city. The complex covers a total area of 11,600 square metres comprising 91 one-, two- and three-bedroom, rent-controlled apartments measuring 72, 88 and 115 square metres, respectively. The complex also contains 56 storage rooms and 91 parking spaces.