Catella Residential Investment Management (CRIM) has invested a further 鈧�30m on 鈥漛ehalf of one of Germany鈥檚 largest cooperative banks鈥�.
CRIM, investing on behalf of the new affordable housing investment mandate, has acquired two residential properties in Berlin and Rostock.
Earlier this year, CRIM invested 鈧�30m in its first deal for the unnamed bank. The bank鈥檚 investment programme is to at least spend 鈧�300m over the next two to three years in German residential real estate, with a focus on affordable housing.
Michael Keune, managing director of CRIM, said: 鈥淭hese latest additions to the mandate鈥檚 portfolio involve an existing property in Berlin and a project development in Rostock, both of which fulfil a societal need for affordable accommodation in attractive residential areas while providing low-risk, secure income, for our client.
鈥淚n Berlin, we made a conscious decision to invest in an existing property which sits within the framework of a rent cap. The property provides homes in one of the city鈥檚 most sought-after residential areas, Prenzlauer Berg in the Pankow district, for less than 鈧�8 per sqm.鈥�
The 2,871sqm complex in Berlin comprises 47 residential units and is located on Bornholmer Strasse. The second acquisition is a development in the Brinckmansdorf district of Rostock. The development will provide 82 residential units in four multi-family buildings spread over a 6,350sqm site.
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