Catella Residential Investment Management’s (CRIM) open-ended pan-European fund has bought a Dutch office tower to redevelop for residential use.
The Catella European Residential III Fund (CER III) has acquired the Ceylonpoort office tower in Haarlem, near Amsterdam, for €65m. The former office of publisher VNU was acquired from developer Wedda.
The redevelopment of the tower, which is scheduled for completion in mid-2024, will accommodate 162 apartments, 536sqm commercial space, and a three-level parking garage for residents.
Paul van Stiphout, fund manager at Catella Residential Investment Management, said: “Our CER III Fund is pursuing a longer-term pan-European strategy of investing in high-quality, well-located residential assets with strong ESG credentials.
“This investment is an ambitious conversion play from a redundant office to a much-needed affordable residential complex with the highest possible level of sustainability.”
Source: realassets.ipe.com on the 12th of July