Catella AB

12/22/2021 | Press release | Distributed by Public on 12/22/2021 05:18

Catella funds invest €120 million in Austrian residential properties in Vienna and Linz

2021-12-22 12:14 CET, Germany | Press release

Catella funds invest €120 million in Austrian residential properties in Vienna and Linz

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 million 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 million 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. The high-quality apartments in the Höchstädtplatz complex will all feature an outdoor space in the form of a terrace, balcony, or garden.

The buildings will have concrete core activation with component heating and cooling for all residential units, as well as the highest possible energy efficiency label - an ÖGNI Gold sustainability certificate is being targeted for the assets. The surrounding district of Brigittenau and the adjacent neighbourhood of Leopoldstadt form a large island in the heart of Vienna, surrounded by the Danube and the Danube Canal and green spaces lining the banks of the waterways. Millennium City, one of Austria's busiest retail and entertainment centres with its extensive range of shops and indoor leisure facilities is also located nearby.

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 apartments in St.-Gotthard-Straße, located in Vienna's 14th district, are characterised by their high quality of furnishing. All apartments are equipped with a built-in kitchen and high-quality oak flooring, including floor heating. In addition, 30 underground parking spaces are available to tenants. With an underground station only 50 metres away, there is also an optimal connection to Vienna's public transport system.

Vienna sits in one of the most prosperous regions in the European Union and has a growing population of some 1.9 million. The Austrian capital is also a leading city in terms of culture, architecture, politics, media, and science and ranks prominently globally for its high quality of life.

The Linz asset comprises 187 residential units arranged around a communal courtyard with underground car parking spaces and covered bicycle racks. It benefits from good connections by bus and car and a variety of local amenities. It is located close to the city's universities and medical facilities with the "Designcenter" event venue and offices of several well-known companies within walking distance.

As the capital of Upper Austria, Linz has a population of more than 200,000 and is the third largest city in the country after Vienna and Graz. Economically, the region is mainly known for its automotive, chemical, and paper industries as well as mechanical and plant engineering. Linz is also an important university city with steadily increasing numbers of students enrolling at its academic institutions.

Catella was advised on all transactions by CONVIC GmbH. Schönherr Rechtsanwälte GmbH provided legal advice while TEREA GmbH advised on technical matters on the Vienna properties. In Linz, PwC Legal - oehner & partner rechtsanwaelte GmbH acted as legal advisors while Drees & Sommer Projektmanagement und bautechnische Beratung GmbH offered technical consultancy. Tax advice for all acquisitions was provided by TPA Steuerberatung GmbH.

Linz, Squadro

About Catella Residential Investment Management GmbH (CRIM)

Catella launched its first European residential fund in 2007 with a volume of €1.6 billion and it has since achieved an average net return for investors of more than 9.0% per year until the end of Q3 2021. The team also launched the first dedicated European Student Housing Fund in 2013.

CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several Residential funds and mandates and has assets under management close to €6.0 billion across 10 European countries.

For further information:

Steve Hays / Emma Villiers

Bellier Financial

T: +31 (0) 20 419 09 01