Gramercy Tower sold to Catella APAM in a c.£37.5M dealPosted on
The Catella European Residential Fund III has acquired Gramercy Tower, a 188-residential unit BTR development in Cardiff for c. £37.5M (c. €45M) from developer Urban Centric. The asset was purchased for the Fund by UK-based partner Catella APAM and Berlin-headquartered Catella Residential Investment Management (CRIM).
Gramercy Tower is due to be completed in Q2 2024 and will offer 120 one-bed, 66 two-bed, and 2 three-bed apartments. The apartments, specifically designed for the Build to Rent market, will provide much needed private residential accommodation within Cardiff’s city centre and also offer tenants a co-working space, residents lounge, fitness suite, two roof terraces, cycle storage, and car parking, with electric charging points available. Gramercy Tower is located at the heart of the Cardiff Central Enterprise Zone, adjacent to the Central Quay development and Cardiff Central Railway Station. It will provide tenants with convenient access to major employment, transport and amenity hubs in the city centre less than a 5-minute walk away.
Andrew Woods – Urban Centric MD “ We are extremely excited to deliver this bespoke product for our funding partners Catella APAM, and as a firm with Welsh roots at its core, we are immensely proud to be involved in one of Cardiff’s tallest and inspiring towers.”