Catella Residential Investment Management (CRIM) has acquired residential properties in Dresden and Krefeld for a total of circa €40m under a mandate from one of Germany’s largest cooperative banks. The ‘Quartier am Mozartbrunnen’ development in Dresden was acquired from a joint venture between GAMMA IMMOBILIEN-Besitz und Beteiligungs-GmbH and AKTIVA Bautrager GmbH. The ‘Alte Seidenweberei’ property in Krefeld was acquired from a pension fund.
Michael Keune, Managing Director, CRIM said: “Both acquisitions perfectly align with the mandate’s investment strategy and its high social standards. The Dresden project is characterised by flats designed especially for families with compact floor plans and high-quality equipment. Future residents will also benefit from the complex’s central location, excellent transport connections and direct access to the spacious parks of Blüherpark and Großer Garten. The social character of the Krefeld asset is clearly reflected in its mixed-use composition of family-friendly apartments and assisted living units with an associated daycare centre.”
The ‘Quartier am Mozartbrunnen’ development is located in Pirnaische Vorstadt in the Altstadt district in Dresden. The 5,600m² project is scheduled for completion in 2023 and will provide a total of 58 apartments, a commercial unit to be operated as a café, and 47 parking spaces. The development will also have extensively ‘greened’ flat roofs and a planted inner courtyard.
The second acquisition in the Alte Seidenweberei in the Cracau district of Krefeld, is directly opposite the historic Kaiser-Friedrich-Hain park. The 2,600m² complex was completed in 2013 and consists of 33 residential units. In addition, there are 44 parking spaces and three commercial units, one of which is currently rented to a daycare centre. The third building, formerly an office and warehouse for a silk weaving mill, also stands out due to its well-preserved red clinker brick façade.
Jens Claus, Managing Director, GAMMA Immobilien, said: “I am delighted that we have been able to add to our many years of a close working relationship with CRIM in Dresden through the sale of this project development. We have always be able to achieve solid agreements that satisfy the requirements of parties, which sometimes can be challenging in buyer and developer negotiations, but that has not been the case between Catella and GAMMA.”