Ronnie Holtslag, Director Acquisitions at Catella IM Benelux: âThere is a severe housing shortage in the Netherlands, especially in the affordable housing category. As a long-term investor in residential real estate, by financing projects like this, we can help alleviate the lack of supply in order to provide modern, comfortable homes to a broad population with monthly rents in the Rotterdam development that range from 850 to, depending on the size of the apartment 1,100 euros, these new apartments will be accessible and affordable for middle-income earners. ”
The Rotterdam project is located at Palladiostraat 1-41 and Michelangelostraat 2-40 in the Prinsenland district, part of the Prins Alexander district of Rotterdam. Developer CreFu consists of PR Development and Ready to Living and has been appointed development and construction partners. Construction of the 161 apartments, spread over two blocks, will begin shortly, with completion expected in the 2nd quarter of 2023. After completion, the development will have a total living area of ââapprox. 10,600 mÂ². The Palladio building will have 96 apartments with 61 parking spaces on the ground floor, while the Michelangelo complex will have 65 apartments with 40 parking spaces on the ground floor. The apartments are between 45 and 105 mÂ² in size and are furnished to a high standard, including gas-free, continuous underfloor heating and private outdoor areas. The units will have the highest possible energy label with solar panel installations on the roofs of both buildings.
Rotterdam is Europe’s largest seaport and the second largest city in the Netherlands with over 640,000 inhabitants from 170 different nationalities and more than 30,000 expats. Of the more than 47,000 companies based in the city, 1,200 are international companies and the renowned Erasmus University is one of the educational institutions. Prinsenland is one of the seven districts of the popular Prins Alexander residential area, which is northeast of Rotterdam city center, just 15 minutes away by metro. The apartments are close to retail and leisure facilities with a supermarket and other amenities nearby and Alexandrium Shopping Center 1.4 km away. The Prinsenpark with its green areas and its pond is right next door, while the larger, 200-hectare Kralingsebos forest and lake, one of the most popular leisure destinations in Rotterdam, is only two kilometers away.
The second acquisition is the 113 studio apartment complex Rive Republic on Rivium 1e Straat 121A – 149M in Capelle aan den IJssel, a city east of Rotterdam. The former office building, which was converted in 2019, has 4,339 mÂ² of living space of 113 mÂ² with 125 mÂ² of commercial space and 99 parking spaces. The fully furnished studios are on average 38.4 mÂ² and there is a local cafeteria on the ground floor, which is run by the operator Daily. The building has the highest possible energy label, thanks in part to its solar panels on the roof and alternative heating sources to gas.
Rive Republic is on the edge of the Rivium office district, which the community wants to transform into a mixed-use district with a wide range of amenities. The plan is to develop up to 5,000 new residential and commercial spaces with 10,000 mÂ² of retail space, including a 5,000 mÂ² supermarket and a new park, which are to be delivered between 2025 and 2030. Capelle is well connected to the Rotterdam subway and motorway network. It benefits from three underground stations and the A1, A12 and A27 motorways provide direct access to The Hague, Eindhoven, Den Bosch, Amersfoort, Arnhem and Utrecht. Rotterdam city center is 20 minutes away by bike and the Erasmus University is only five minutes away.
Ronnie Holtslag concluded: âDue to its location near the university and the city of Rotterdam, the Capelle property is ideally positioned to meet the demand from the rapidly growing segment of (low-income) single households. The repositioning of the Rivium district in a mixed-use area will make this location even more attractive. Both acquisitions offer modern, comfortable and affordable living space that is severely undersupplied in and around Rotterdam. These assets will benefit from future rental and value increases due to their location in rapidly developing neighborhoods, popular residential areas and excellent connections to the rest of the Netherlands. ”
Aabout Catella IM Benelux
Catella Investment Management Benelux (CIMB) is part of the Catella Group, a leading specialist in real estate investments and fund management with activities in 13 European countries and around 550 employees, including around 25 in the Benelux countries. The group manages assets of around 11 billion euros (June 2021). Catella is listed on Nasdaq Stockholm in the mid-cap segment.
CIMB is the local branch that offers fund, acquisition and asset management for all funds managed by Catella with an allocation in the Benelux region. CIMB has a broad real estate portfolio, around 75% of which is invested in residential real estate and the rest in commercial real estate. CIMB currently manages assets of around 1.5 billion euros in the Benelux countries and plans to invest around 600 million euros per year in these markets over the next few years.
CIMB is a member of the Catella European Residential Network Alliance. Catella’s European residential network, with total assets under management of more than 5 billion euros, is the largest cross-border investment platform for residential real estate in Europe.
For more information contact:
Lisette van der Ham
Head of PR & Corporate Communications
Catella Residential Investment Management GmbH
Upper West, Kantstrasse 164, 10623 Berlin
Phone: +31 (0) 6 83200561
E: [email protected]