Berlin-based Catella Residential Investment Management (CRIM) and Munich-headquartered AIFM platform Catella Real Estate AG (CREAG) have acquired three residential assets in the Austrian cities of Vienna and Linz for a total value of €120 mln on behalf of two of their funds.
The properties were purchased for the Catella Wohnen Europa (CWE) and Catella Modernes Wohnen (CMW) funds.
CWE bought the Squadro building in Linz for around €35 mln and in Vienna 187 of 309 apartments in the Höchstädtplatz development and 122 apartments being built on St.-Gotthard-Str. The CMW Fund acquired the remaining 122 residential units in the Höchstädtplatz project.
Benjamin Rüther, head of Fund Management for CRIM, said: ‘These acquisitions are a good match for the residential investment strategies of our CWE and CMW funds. The neighbourhood surrounding Höchstädtplatz in Vienna has considerable potential thanks to its ongoing regeneration and transformation into a hub for tech-focused companies which benefit from their proximity to the Technikum Wien University of Applied Sciences. The project in St.-Gotthard-Str. also impresses with its energy-efficient design including a photovoltaic installation. Rents at our fully-let property in Linz are at levels well below the market average, which delivers on our principles of providing affordable accommodation and contributing to greater societal equity across the local housing market.’
Höchstädtplatz is located in Vienna's 20th district directly opposite the Technikum Wien University of Applied Sciences, Austria's largest technical university. The 309 two-, three- and four-room apartments acquired by CWE and CMW form part of the third and fourth phase of this major regeneration project which is being built by S+B Gruppe AG and will be delivered in 2023.
CWE's second purchase in Vienna is a development in St.-Gotthard-Str. in the residential district of Penzing and includes 122 residential units as well as three commercial units, one of which is already let to an orthopaedic centre. The flats, which average 46 m² in size, particularly appeal to young professionals, students and young families.
The Linz asset comprises 187 residential units arranged around a communal courtyard with underground car parking spaces and covered bicycle racks.