Berlin-based Catella Residential Investment Management (CRIM) has announced that the Catella European residential III fund (CER III) has raised around EUR280 mln from seven German and Dutch institutional investors, as its total assets under management passed the EUR1 billion milestone. CER III has a diversified portfolio of investments in seven European countries encompassing around 30 properties. Several assets in the Netherlands, France, the UK, and Spain are also in due diligence. CER III’s most recent acquisition, and its second in the UK market, was the purchase of the Gramercy Tower apartment building in Cardiff.
Michael Fink, Managing Director, CRIM, said: 'The CER III impact fund has a laser focus on the ‘decarbonization transition’ in its residential investments and we are also strongly committed to societal fairness through targeting affordable rents.
'The fund achieves a high standard of governance by adopting Nassim’s Taleb’s concept of ‘skin in the game,’ or alignment of interests between the manager and investor, through its fee structure and is attracting increasing numbers of like-minded institutional investors who share our ESG principles.'
The fund targets the reduction of greenhouse gas emissions and has sustainable societal objectives in its investments. CER III has also integrated a penalty clause into its management agreement whereby CRIM will donate part of its recurring management fee to a relevant impact-related United Nations charity, should the manager fail to meet the financial, environmental, or societal objectives set for the fund.
Casper van Grieken, executive director, CBRE Netherlands - head of capital advisors, added: “Europe is battling a chronic affordable housing shortage, rising energy bills and a climate emergency. CER III has clear objectives to address these issues in its investment strategy and philosophy.
'For instance, by investing in the world’s first energy-positive residential towers through the joint venture between Catella and French sustainable engineering group Elithis. These buildings produce more energy than the buildings including the tenants consume, eliminating household energy bills and boosting disposable income.'
Source: propertyeu.info on the 11th of April 2022
https://propertyeu.info/Nieuws/Third-Catella-European-residential-fund-adds-280m-to-war-chest/741320bb-8704-47c0-8b0a-4c6623df23de