Catella European Residential III Fund (CER III) has acquired a residential development project in Zoetermeer, near The Hague for €55 million through a forward-funding transaction. The new-built high-rise in Zoetermeer city centre will offer 134 spacious apartments primarily targeting the substantially underserved affordable mid-range rental sector.
The project was acquired by Maastricht-based Catella Investment Management Benelux (CIMB) from developer De Maese on behalf of CER III. CER III is an Impact Fund focusing on environmentally friendly and affordable housing and is managed by Berlin-based Catella Residential Investment Management (CRIM).
Paul van Stiphout, Fund Manager CER III at CRIM, said: “Many cities located in the west of the Netherlands lack this sort of affordable housing in the mid-range rental sector. This new residential development marks the first transaction in the affordable housing investment programme of the city of Zoetermeer. And affordable doesn’t mean cheap - the building will be beautifully finished to a very high standard. CER III continues to pursue a longer-term pan-European strategy of investing in environmentally friendly, high-quality, affordable, and well-located residential assets. This property ticks all the boxes in terms of affordability and social impact and will be a strong contributor to the Fund’s overall performance.”
The new development will meet the EU’s ‘do no significant harm’ (DNSH) environmental criteria through biodiversity features such as green facades and digital tenant water-usage monitoring systems used to mitigate waste.
Source: catella.com on the 6th of September 2022
https://www.catella.com/en/germany/news-and-press-releases/press-releases/2022/catella-european-residential-iii-acquires-134-affordable-apartments-in-dutch-city-of-zoetermeer-for-55-mln