Catella Residential Investment Management (CRIM), the Berlin-based real estate arm of Swedish asset manager Catella, has acquired two residential project developments in Nuremberg and Stuttgart.
Conducted on behalf of a Southern German utility company investment fund, the transactions are priced at arpind €23.6m.
While the fund is managed by Institutional Investment Partners 2IP, CRIM will be responsible for managing the fund’s residential portfolio.
In Nuremberg (pictured), CRIM has acquired a development in the Mögeldorf district in the East of the city, offering 25 residential and one commercial unit due to be completed by the end of this year.
In Stuttgart it acquired a seven-storey block of flats containing a total of 124 microflats and underground car park in the northern part of the city, which are expected to be handed over in September 2018.
Catella currently manages €17bn and is listed on Naddaq Stockholm in the mid cap segment.