Catella: IM Benelux invests ?? 65 Mln in affordable residential developments in Rotterdam area for two German institutional funds
Ronnie Holtslag, Director of Acquisitions at Catella IM Benelux: “The Netherlands is experiencing a serious housing shortage, especially in the affordable housing category. As long-term investors in residential real estate, we can help alleviate the lack of supply by funding projects like these, which will provide modern and comfortable housing at a large With monthly rents in the development of Rotterdam which should be between € 850 and € 1,100 depending on the size of the apartment, these new homes will be accessible and affordable for average incomes.
The Rotterdam development is located on Palladiostraat 1-41 and Michelangelostraat 2-40 in the Prinsenland district, which is part of the Prins Alexander district of Rotterdam. Developer CreFu consists of PR Development and Ready to Living and has been appointed as a development and build partner. Construction of the 161 apartments spread over two blocks will begin shortly, with completion scheduled for the second quarter of 2023. When completed, the development will provide a total living area of approximately 10,600 m². The Palladio building will include 96 apartments with 61 parking spaces on the ground floor while the Michelangelo complex will offer 65 apartments with 40 parking spaces on the ground floor. The apartments measure between 45 and 105m² and will be finished to a high specification level, including gas-free underfloor heating and private outdoor space. The units will have the highest possible energy label with solar panel installations on the roofs of both buildings.
Rotterdam is the largest seaport in Europe and the second largest city in the Netherlands, with over 640,000 inhabitants representing 170 different nationalities as well as over 30,000 expatriates. Of the more than 47,000 companies located in the city, 1,200 are international companies and its educational institutions include the famous Erasmus University. Prinsenland is one of the seven districts that make up the popular residential Prins Alexander district, which lies northeast of Rotterdam city center, just 15 minutes by metro. The apartments are located close to shopping and leisure facilities with a supermarket and other amenities nearby and the Alexandrium Shopping Center 1.4 km away. Prinsenpark with its green areas and pond is located right next door, while the 200 hectare forest and Kralingsebos Lake, one of Rotterdam’s most popular leisure destinations, is just two kilometers away.
The second acquisition is the Rive Republic 113 studio complex located on Rivium 1e Straat 121A – 149M in Capelle aan den IJssel, a town east of Rotterdam. A former office building converted in 2019, the fully leased complex comprises 4,339 m² of 113 housing units, including 125 m² of shops and 99 parking spaces. Fully furnished studios average 38.4 m² and a local cafeteria, managed by operator Daily, is located on the ground floor. The building enjoys the highest possible energy label thanks in part to its solar panels on the roof and alternative heating sources to gas.
Rive Republic is located on the edge of the Rivium office district, which the municipality plans to transform into a mixed-use district with a variety of amenities. Plans provide for the development of up to 5,000 new homes and commercial spaces with 10,000 m² of retail space, including a 5,000 m² supermarket as well as a new park, to be delivered between 2025 and 2030. Capelle is well connected to the market. Rotterdam metro and motorway network. . It has three metro stations and the A1, A12 and A27 motorways provide direct access to The Hague, Eindhoven, Den Bosch, Amersfoort, Arnhem and Utrecht. Rotterdam city center is a 20 minute bike ride away and Erasmus University is just five minutes away.
Ronnie Holtslag concluded: “The Capelle building is ideally placed to meet the demand of the fast growing segment of one-person (low-income) households as it is located close to the university and the city of Rotterdam. The repositioning of the Rivium district into a usage area will make this location even more attractive. Both acquisitions provide modern, comfortable and affordable housing that is severely underserved in and around Rotterdam. These assets are expected to benefit from future rental and value growth thanks to their popular residential areas and excellent connectivity with the rest of the Netherlands. ”
Aabout Catella IM Benelux
Catella Investment Management Benelux (CIMB) is part of the Catella Group, a leading specialist in real estate investments and fund management with a presence in 13 European countries and around 550 employees, of which around 25 are in the Benelux. The group manages assets of around 11 billion euros (June 2021). Catella is listed on Nasdaq Stockholm in the Mid Cap segment.
CIMB is the local office that offers fund, acquisition and asset management services for all funds managed by Catella with an allocation to the Benelux region. CIMB has a large real estate portfolio of which approximately 75% is invested in residential properties and the remainder in commercial assets. CIMB currently has around 1.5 billion euros in assets under management in the Benelux and plans to invest around 600 million euros per year in these markets over the next few years.
CIMB is a member of the alliance of European residential networks of Catella. Catella’s European residential network represents the largest cross-border investment platform for residential real estate in Europe with total assets under management of over € 5 billion.
For more information, contact:
Lisette van der Ham
Head of public relations and corporate communications
Catella Residential Investment Management GmbH
Upper West, Kantstraße 164, 10623 Berlin
M: +31 (0) 6 83200561