Sarasin fund invests in Rotterdam
The Sarasin Sustainable Properties - European Cities fund, a product of Catella Real Estate and Bank J. Safra Sarasin, is adding a residential and commercial property in Rotterdam to its portfolio.
The seven-story tower in the Asterlo district includes 51 apartments, according to Catella Real Estate AG (CREAG), and is located in the heart of Zuidwijk, a suburb in the south of Rotterdam, near the Feijenoord soccer stadium.
Tenants of the 2,500 sqm retail space on the first floor are the supermarket chain Albert Heijn, the wine and spirits store Gall & Gall and the pharmacy Kruidvat is rented. On the roof of the commercial building there is a parking lot for residents, customer parking is in the immediate vicinity of the property. The property comprises a total leasable area of 6,700 sqm.
CREAG acquired the Asterlo project development from the Dutch project developer Ten Brinke as part of a forward purchase. The project was officially handed over on May 1, 2020. Catella Investment Management Benelux, a sister company of CREAG based in Maastricht, accompanied the acquisition and will take over the asset management of the property.
The special fund Sarasin Sustainable Properties - European Cities invests up to 25% in residential properties and at least 75% in commercial properties and is aimed at institutional investors in Switzerland, Austria and Germany. The investments must meet the sustainability standards of Bank J. Safra Sarasin. With the completion of project development and an additional purchase in Luxembourg at the end of 2019, the fund's assets under management have exceeded EUR 500 million. (ah)
