Författare: Isabella

27 June 2016  | Corporate Finance

Catella has acted as financial advisor on a strategic joint venture between Danish pension fund PensionDanmark, developer Nordkranen A/S Ejendomsudviklingsselskab, and CPH City & Port Development, owned by the Municipality of Copenhagen and the Danish government, for an extraordinary residential development project in Nordhavn, Copenhagen.

Press release
Catella advised PensionDanmark and Nordkranen, securing both equity and construction debt financing provided by institutional non-bank financing. The project consists of 32,300 m2 of residential space, 600 m2 of commercial space and 1,000 underground parking spaces on a new artificial island to be constructed, called Kronløbsøen.

Kronløbsøen is located in Copenhagen’s and Scandinavia’s largest and most prosperous development area, Nordhavn, with close proximity to the inner city of Copenhagen. Currently, five pre-qualified architect teams are competing on designing the winning project, and the selected architect on the project is expected to be announced in August 2016. The joint venture is owned 50% by City & Port, 40% by PensionDanmark and 10% by Nordkranen.

“Copenhagen is experiencing substantial urban development. Huge infrastructure projects have been initiated to support this increased demand, including a new metro line to Nordhavnen – one of Copenhagen’s most attractive new urban districts. Catella is pleased to have been engaged in securing both the debt and equity financing for Project Kronløbsøen. The new joint venture combines strong resources and skills from three leading parties in the Danish real estate industry. Jointly they offer not only capital but also a well-balanced operational platform to secure the completion of the project. Catella is proud to have been a trusted advisor in this complex and important project. The cooperation among the parties has been very positive and progressive, strongly supported by Bruun & Hjejle, Bech Bruun and Manzanti-Andersen Korsø Jensen, securing the legal agreements and closing”, says Jesper Bo Hansen, Head of Corporate Finance at Catella.

“Institutional forward funding and participation in the early stage of the value chain has become increasingly important in the real estate industry, and Catella is well positioned to engage in such highly complex transactions, where securing debt and equity funding in combination with managing the different risks involved are important factors in creating higher returns and value for our clients. We will focus on such situations, not only in Denmark and the Nordics but across all our European market offices,” says Jesper Bo Hansen.
For more information, please contact:
Jesper Bo Hansen
Head of Corporate Finance in Denmark
+45 33 93 75 93
jesper.bo@catella.dk

Press contact:
Ann Charlotte Svensson
Group Head of Communications
+46 8 463 32 55, +46 72 510 11 61
anncharlotte.svensson@catella.se

PRESS RELEASE
Stockholm, 9 June 2016

In the June edition of the Swedish “Catella Real Estate Debt Indicator”, banks and corporates are in agreement on the current financing climate. Unfortunately, the consensus is that access to
financing in the property sector has worsened over the past three months, with the Current Situation index falling to an all-time low of 35.4. As such, the property debt financing market is
still in contraction.
“Our most recent CREDI survey shows that the views of lenders and borrowers are much more in line with one another, compared to the March survey. The Main index has seen a relatively small decrease of 0.2 points to 41.0. However, the components that make up the Main index have seen rather significant ups and downs. The Current Situation index has fallen to an all-time low of 35.4, while the Expectation index has increased to 46.7. This means that although the market has experienced a worsened financing climate, there is a belief that the worst part is over,” says Martin Malhotra, Project Manager at Catella.
The Current Situation index fell by 5.6 points to 35.4, which is the lowest point since the CREDI surveys began in May 2012. The historically low figure is partly caused by increasing credit margins
over the past three months, something that both banks and corporates agree on. In contrast, the Expectation index increased from 41.4 to 46.7, its highest point since September 2015.
“During the first quarter of 2016, Sweden has had a historically strong growth rate of 4.2 per cent, driven by household consumption and investments. However, global economic growth is expected to remain weak during the coming year, as is the Swedish stock market. Catella believes that the property market will be affected by worsened access to debt financing, as observed in the CREDI survey. As a result, we will see increasing yields for properties in secondary locations,” says Arvid Lindqvist, Head of Research at Catella.
The fifteenth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.se/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology at catella.se/credi. This edition also includes an analysis of preferred shares and an overview of the property market.

For more information, please contact: Press contact:
Martin Malhotra Arvid Lindqvist Ann Charlotte Svensson
Project Manager Head of Research Head of Communications
+46 8 463 34 05 +46 8 463 33 04 +46 8 463 32 55, +46 72-510 11 61
martin.malhotra@catella.se arvid.lindqvist@catella.se anncharlotte.svensson@catella.se

Today Catella AB (publ) held its annual general meeting at which the following resolutions were adopted:
• To adopt the income statement and balance sheet for the parent company and the consolidated income statement and consolidated balance sheet for 2015.
• Retained profits and net profit for the year shall be carried forward.
• To pay a dividend of SEK 0.60 (0.20) per share for the financial year 2015. The record date for the dividend is June 1, 2016. It is estimated that payment will be made through Euroclear Sweden AB on June 7, 2016.
• The number of board members shall be five (5) and no deputy board members are to be elected, and that one auditor is elected.
• Fees to board members totalling SEK 1,870,000 (previous year SEK 1,700,000), of which the chairman of the board shall receive SEK 550,000 (SEK 500,000) and other board members SEK 330,000 (SEK 300,000) each. The audit fee shall be payable in accordance with the approved invoice.
• Re-election of all existing board members, Johan Claesson, Johan Damne, Joachim Gahm, Anna Ramel and Jan Roxendal. Johan Claesson was elected chairman of the board.
• PricewaterhouseCoopers AB was re-elected as the company’s auditor for a new term from the end of the AGM 2016 to the end of the AGM 2017, with Patrik Adolfson as auditor-in-charge.
• To adopt the nomination committee’s proposals regarding principles for the nomination committee for the AGM 2017.
• To approve a resolution proposed by the board regarding guidelines for remuneration to senior executives.

For more information, please contact:
Knut Pedersen
CEO and President
+46 8 463 33 10
knut.pedersen@catella.se
Press contact:
Ann Charlotte Svensson
Head of Group Communications
+46 8 463 32 55, +46 72 510 11 61
anncharlotte.svensson@catella.se

About Catella: Catella is a financial advisor and asset manager with in-depth knowledge of property, fixed income and equities. Catella is a leader in the property sector, with a strong local presence in Europe, and employs more than 500 professionals in 12 countries. Catella is listed on First North Premier on Nasdaq Stockholm. Read more at catella.se