Catella continues to grow its portfolio of residential assets for rent in Spain with the purchase of two properties in Seville and Pamplona for a total of 22 million euros. Specifically, the assets have been acquired for the Catella Wohnen Europe fund through Catella Residential Investment Management , based in Berlin, and Catella Real Estate AG, through its AIFM platform.
The properties, which are located in Dos Hermanas (Seville) and Ezcaba (Pamplona), will be managed by Catella AM Iberia, which already has a portfolio of 2,000 homes in Spain .
Catella AM Iberia started its activity in Spain in 2015 and since then it has reached more than 500 million real estate assets under management . This year the firm expects to invest around 120 million, according to elEconomista .
With this acquisition, the manager is consolidated in markets in which it already had a presence. In fact, the new assets are located next to others already acquired previously. Specifically, the Dos Hermanas property is made up of 68 apartments with 2 and 3 bedrooms , 68 storage rooms, and 84 parking spaces. It has spacious common areas that include a swimming pool, children’s play area, paddle tennis courts, sports court and green areas. The building, built at the end of 2020, has a total constructed area of 11,588 m2.
The Ezcaba building is located next to a social housing property that was acquired by the fund with the aim of increasing the affordable rental housing portfolio. It has a total constructed area of 11,600 m2 and is made up of protected homes of 1, 2 and 3 bedrooms , of 72, 88 and 115 m2, respectively. The complex also has 56 storage rooms and 91 parking spaces
“With these two new purchases we expand our portfolio of affordable rental housing in cities where we are already present, cities that present good investment opportunities in residential in the broad sense ( traditional rental housing , student residences, senior citizens). Our strategy passes for continuing to invest in residential where we already are and as well as in other large capitals in Spain and Portugal that also present an imbalance between supply and demand for affordable rentals “, said Eduardo Guardiola, Director and partner of Catella AM Iberia.
Catella AM Iberia is a subsidiary of the Swedish Catella AB and its business is real estate investment management in all its phases, from origination and analysis through acquisition and management to divestment. Catella AM Iberia manages investments and real estate assets in Spain and Portugal on behalf of funds managed by the company itself, as well as other institutional clients-investors.