DERECO and REVITALIS sell 365 behome micro apartments in Dortmund to Catella
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A project-related JV by Hamburg project developers REVITALIS REAL ESTATE AG and the Cologne-based multi-family office DERECO sold 365 micro apartments of REVITALIS’ own brand behome to a specialised residential property fund called Catella Wohnen Europa (CWE) managed by Catella Residential Investment Management GmbH. The fund is currently investing in a ‘core’ risk housing portfolio in Europe.
Right next to the HQ of Borussia Dortmund on Wittekindstrasse/Rheinlanddamm, REVITALIS developed 365 fully furnished micro apartments totalling approx. 10,400 sqm of residential floor space plus 73 underground parking spaces on a former car park plot approx. 4,000 sqm in size. The project was completed in July 2020. Ranging between 22 and 49 sqm of useful space, the behome apartments are located in the popular Kreuzviertel area of Dortmund in the immediate vicinity of Dortmund University of Applied Sciences, the exhibition halls, Westfalenstadion and Westfalenpark.
Andreas Lipp, Member of the Executive Board of REVITALIS REAL ESTATE AG, says: “Our micro-living brand behome stands for modern, flexible housing in compact units. This asset class is set to become even more relevant in future as we expect investor demand for it to rise substantially. We are very pleased we’ve partnered up with Catella. Catella are European market leaders in terms of geographic footprint and diversity of offer within their portfolio. We believe that the fact that Catella acquired the behome apartments in Dortmund proves that we have developed an attractive property that fills a gap for a previously unmet need.”
“As a specialised fund, Catella Wohnen Europa invests both in established and up-and-coming segments of the residential market including in the new type of housing called micro living. The behome concept devised by REVITALIS with fully equipped micro flats is a valuable addition to our portfolio and it’s perfectly in line with our investing strategy. The apartments are excellently furbished and located in a highly central spot within Dortmund’s Kreuzviertel. Plus, traffic connections are ideal,” says Michael Keune, Managing Director of Catella Residential Investment Management.
The selling party was given legal advice for this transaction by Hogan Lovells International LLP, Dusseldorf. Catella Real Estate AG were legally represented by the law firm REIUS, Hamburg.
In addition to these 365 apartments, REVITALIS and DERECO developed 222 flats on the same plot in Berdswortstrasse/Lindemannstrasse which were sold on to a regional property firm as early as in April 2018 and completed in late 2020. Boasting more than 587 residential units, this urban neighbourhood is one of the largest individual projects newly developed in Dortmund.
VISU I: Bird’s eye view of the project, behome apartments are located at the left front (REVITALIS/cube Visualisierungen)
PHOTO I: behome show flat, type SMALL (REVITALIS/Holger Slaghuis)
PHOTO II: behome show flat, type MEDIUM (REVITALIS/Holger Slaghuis)
PHOTO III: Street view of behome apartments in Dortmund (REVITALIS/Julian Glaesmann)
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Kiriaki Yanik joins DERECO’s Asset Management team
The Cologne-based multi-family office for real estate assets DERECO is staffing up its asset management team. Ms Kiriaki Yanik, aged 29, joined the company as an asset manager on 1 May, 2021.
An experienced real estate expert, Kiriaki Yanik is a valuable addition to the team focussing on real estate private equity. In her capacity, she is one of the people in charge of project developments in which DERECO has invested equity. Additionally, she will benefit from her experience in project management for value-added investments by DERECO.
Kiriaki Yanik had previously worked in various roles related to project development and real estate management at Four Parx, Dreieich and Fiege Logistik Stiftung based in Greven, near Münster.
DERECO’s current investment strategy continues to focus on residential, office and retail properties on stock all over Germany and portfolios expected to increase in value. In addition, DERECO develops individual constructions and neighbourhood projects. As an investment partner, DERECO also continues to commit substantial amounts of equity for projects developed by third parties.