Catella has bought Cardiff’s Gramercy Tower development for £37.5m from developer Urban Centric.
The 188-flat build-to-rent tower, now part of Catella’s European Residential Fund III, is due to be completed in Q2 2024.
The building will also include a co-working space, residents’ lounge, fitness suite, two roof terraces, cycle storage and car parking.
Gramercy Tower is located in the Cardiff Central Enterprise Zone, next to the Central Quay development and Cardiff Central railway station.
Hugh McAleer, for Catella APAM, said: “Gramercy Tower is an excellent addition to the fund’s growing UK residential portfolio and demonstrates its continued ambition to invest in the UK residential market.
“The asset will be developed by placing ESG at the forefront of its design, delivering a sustainable development in line with the fund’s environmental and social impact investment strategy.”
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