Catella : European Residential Fund acquires a five-asset portfolio of 350 apartments in Finland’s ‘Golden Residential Triangle’

2023-12-21 8:58 CET, Europe, Germany | Press release

Catella European Residential Fund acquires a five-asset portfolio of 350 apartments in Finland's 'Golden Residential Triangle'

Catella European Residential (CER), the German public open-ended real estate fund, has acquired 350 apartments within five properties covering almost 14,200 sqm of gross lettable area (GLA) in the four Finnish cities of Espoo, Kerava, Tampere and Turku, in the country's 'Golden Residential Triangle' that extends to the north and northwest of the capital Helsinki.

The seller is S-Bank Fund Management Ltd, part of Finland's S-Bank. Investors in the CER Fund, which has total assets under management of about EUR 1.4 billion.

Berlin-based Catella Residential Investment Management GmbH (CRIM) is the manager of the CER Fund with Catella Real Estate AG providing the German KVG regulatory platform.

Michael Keune, Managing Director CRIM, said:"The stabilized five assets are located in the Helsinki, Tampere and Turku regions - the "Golden Triangle" of Finland's main residential markets with fast-growing economic and educational centres. Significant energy upgrades are planned for all properties, such as photovoltaic systems and/or geothermal heating."

The five properties were completed between 2017 and 2021 and are in good technical condition with strong environmental profiles as evidenced by B energy efficiency ratings of all the assets.

The comfortable and functional apartments are between 23 sqm and 75 sqm with well-appointed kitchens and bathrooms and balconies providing tranquil outside space.

All the properties have good connections to public transport.

Benjamin Rüther, Head of Fund Management CRIM, added: "Over the past decade the average household size in Finland has shrunk and the share of single-person households in the population is the highest in Europe at about 47% compared with an average of around 34% in the EU as a whole. Smaller apartments, such as the one the Catella European Fund has just acquired, are preferred by singles and couples who make up over three-quarters of Finland's population. "

Robert Karlsson, Managing Director and Tapio Nurkkala, Investment Director, Catella Asset Management Oy added: "The fundamentals for residential investments in Finland remain strong. We are very proud of Catella's proven ability to close transactions in this challenging market environment. Furthermore, Catella Asset Management is very pleased to have facilitated a second entry to the Finnish market of a fund managed by CRIM."

About Catella Residential Investment Management GmbH (CRIM)

Catella launched its first European residential fund in 2007 and its first dedicated European Student Housing Fund in 2013. CRIM is a subsidiary of the Stockholm-based Catella Group, and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several funds and mandates and has assets under management of EUR 7 billion across 10 European countries.

For more information, please contact:

Catella Residential Investment Management GmbH

Stine Zöchling

Head of Marketing and PR European Residential

Telephone: [phone]

Mobile: [phone]

stine.zoechling[ at ]catella-residential.com

Disclaimer: This is a marketing release. It is for information purposes only and does not constitute investment advice, an investment recommendation, an offer or an invitation to buy or sell investment products. The information is not suitable for making a concrete investment decision on its basis. It does not contain any legal or tax advice. The provision of the information does not create any contractual obligation or any other liability towards the recipient or third parties. Shares may only be purchased on the basis of the currently valid Terms and Conditions of Investment in conjunction with the currently valid Sales Prospectus. The current version of the Sales Prospectus (including the Terms and Conditions of Investment and a description of the main risks) as well as the Key Investor Information Document and the last published (semi-)annual report are available in paper form from Catella Real Estate AG, Alter Hof 5, 80331 Munich, Germany, or can be downloaded from www.catella.com.