BNP Paribas REIM and several German Investors commit EUR 200 million to Catella European Residential III Fund
Catella European Residential III, which is managed by Berlin-based Catella Residential Investment Management (CRIM), has reached with this Closing an Equity commitment of more than EUR 1,2 billion. The Fund has a diversified portfolio of investments encompassing around 30 properties in seven countries across Europe.
This impact fund (SFDR Art. 9) aims to significantly reduce greenhouse gas emissions and also incorporates sustainable societal objectives in its investments. A penalty clause included in CER III’s management agreement means 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.
Michael Fink, Managing Director, CRIM, said: “At a time of elevated market uncertainty and volatility the need of “dual materiality” is getting even more important. To combine financial targets with environmental and social in getting more and more important. CER III has a focus on the ‘decarbonization transition’ in its residential investments and we are also strongly targeting affordable rents. Our ‘skin in the game’ or alignment of interests between us and the investors through its fee structure strengthens also the third ESG pillar - governance (G).”
CER III has clear objectives to address Environmental and Social 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.
Casper van Grieken, Executive Director, CBRE Netherlands - Head of Capital Advisors, concluded: “The world is in a transition, climate change and uncertain and high energy costs are to manage. In addition, the European market has a housing shortage and challenge with affordable rents. This 8th closing emphasises the conviction in Catella and CER III, and that the fund will be able to navigate these challenging market circumstances. We’re proud and pleased that overall 8 new Investors have committed another EUR 200 million to realise the impact objectives.”
CBRE Capital Advisors are mandated to advise on fundraising from international investors.
About Catella Residential Investment Management GmbH (CRIM)
Catella launched its first European residential fund in 2007.The team also launched the first dedicated European Student Housing Fund in 2013. CRIM is a subsidiary of the Stockholm-based Catella AB Group and its residential real estate business comprises portfolio management, acquisitions, sales and asset management. CRIM manages and advises several funds and mandates and has assets under management of more than €7 billion across 11 European countries.
About CBRE Capital Advisors
CBRE Capital Advisors works closely with real estate managers and investors as corporate finance advisor with a background in the commercial real estate market. The team, consisting of international experts, are skilled to support and assist in preparing and completing transactions and to provide real estate professionals with strategic and tactical advice for all indirect property investment queries, including topics as property funds, joint ventures or club deals, or related strategic organizational questions.
CBRE Capital Advisors B.V. is licensed by the Authority for Financial Markets (AFM) and acts as placement agent to raise international capital for CERIII outside of Germany.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.