Berlin-based Catella Investment Management GmbH (CIM) has completed the Bahrenfelder Carré in Hamburg Altona. CIM acquired the construction project in 2021. At the end of 2023, CIM released the former developer from its construction obligation and completed the project on its own responsibility. The Bahrenfelder Carré comprises a total of 289 residential units, of which 229 are privately financed apartments and 60 are publicly subsidized apartments, as well as 5 commercial units and 139 car parking spaces. The building ensemble was constructed in accordance with the energy-efficient KfW55 standard.
Before completion, half of the apartments in Bahrenfelder Carré had already been rented or reserved. The first tenants have been moving into their new apartments since mid-July. The monthly rents for the subsidized apartments are €6.60/m².
Michael Keune, Managing Director of CIM, explains: "With the completion of the Bahrenfelder Carré, the city will receive almost 300 new apartments, 60 of which are publicly subsidized. We are satisfied to have completed this project with our selected partners in a difficult market phase. The market conditions made this project a special object that meant additional effort for many participants. In principle, modern residential real estate with affordable rents has proven to be a stable anchor in investment portfolios even in times of crisis."
Georg Nunnemann, Timberment GmbH, adds: "As an external consultant to CIM, I was the client's contact person on site for the completion of the project. Despite the challenging conditions caused by the takeover of the partially completed project, we have succeeded in realizing high-quality and sustainable housing for Hamburg. The success of the on-schedule completion after takeover in 2023 at the end of Q2/2025 is mainly due to the close cooperation, commitment and professionalism of all project partners."
The Bahrenfelder Carré is located in the up-and-coming Bahrenfeld district of Hamburg's Altona district. The location is very well connected to Hamburg's road network and public transport. Bus and S-Bahn stations with connections to the city centre are within walking distance of about two and a good ten minutes respectively. With the Altonaer Volkspark, the Goldschmidtpark and the Lutherpark, residents have access to spacious green spaces in the immediate vicinity.
Catella European Residential III, or CER III for short, invests in modern and affordable apartments in European growth regions, including Germany, Austria, Benelux, France, Scandinavia, Spain and the UK. The acquisition strategy focuses primarily on the acquisition of existing apartments in mint condition with high energy standards at affordable rents. The CER III was launched in 2019 and currently holds assets under management worth approx. EUR 1.0 billion.
