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 €12.6 million and €9 million respectively.
Catella already has acquired properties for funds in these two locations and the properties will be locally managed by Catella Asset Management Iberia S.L. (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, said: “These acquisitions expand CWE’s presence in the affordable rental market, in locations where we already have good knowledge of the market needs across all the residential real estate sub-segments. We have the necessary demand of the investors to allow us to continue the strategy of CWE of investing in these locations across all residential 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 sqm. The average size of the apartments is 83 sqm for two-bedroom units and 117 sqm for three-bedroom apartments.
The Ezcaba building in Pamplona is social housing and is adjacent to a social housing property acquired for the Fund in the past increasing Fund’s affordable rental residential in Pamplona. It has a total area of 11,600 sqm comprising 91 one-, two- and three-bedroom, rent-controlled apartments measuring 72, 88 and 115 sqm, respectively. The complex also contains 56 storage rooms and 91 parking spaces.