Catella completes acquisition of majority stake in Aquila Group

Catella’s acquisition of 60 percent of the shares in Aquila Asset Management SAS (“Aquila Group”) received regulatory approval earlier in September and today the transaction was completed. The Aquila Group, with over EUR 1.4 billion in assets under management, will complement Catella’s strong footprint in France and support the continued growth of the pan-European platform.

On June 2, 2023, Catella announced that it had signed an agreement to acquire 60 percent of the shares in the French independent real estate developer Aquila Group. The purchase price amounts to approximately EUR 9,6 million. The Aquila Group consists of Aquila Asset Management, founded in 2010, and the real estate investment fund management company Axipit Real Estate Partners, founded in 2021. Axipit offers innovative and differentiating solutions to both retail and professional investors.

“We are very pleased that we now have received all the necessary approvals to bring this important deal to completion. The acquisition means that we add another piece of the puzzle to our growth journey. With one of the largest independent players in real estate asset management in France now being a part of Catella, we will be able to leverage important synergies with our existing operations in Europe, while entering the French fund business for retail investors is of great strategic importance,” said Christoffer Abramson, CEO of Catella.

The addition of Aquila Group into Catella is an important part in Catella’s strategy to be an attractive partner for investors within the real estate sector globally. The acquisition will significantly strengthen Catella’s position both in France and globally.

“This is an example of how we can further capitalize on Catella’s strong financial position to expand into new businesses and markets. We will continue to increase the range of sustainable products, broadening our product offering to adapt to different stages of the economic cycle, as well as capture synergies and continue to develop our pan-European investment strategies,” said Christoffer Abramson.

The shares are acquired from local management who will remain minority shareholders. According to the agreement, an additional purchase price of approximately EUR 1 million could be paid if certain criteria are met. The acquisition is financed by Catella’s own capital.

“Aquila has a successful history built on local expertise, and as we now join Catella’s European network, we form a very strong team, internally in Europe as well as on the French market. We look forward to be a part of Catella and our future journey” said Jean-Marc Sabiani and Gilles Barbieri, Founders and Managing Partners at Aquila.

For further information, please contact:

Michel Fischier
+46-8-463 33 86

Arise presents financial targets at Capital Markets Day

Arise AB (publ) (“Arise”) today holds its Capital Markets Day in Stockholm. Arise’s CEO Per-Erik Eriksson, together with other representatives of the company, will present an update about Arise’s business as well as introduce financial targets for the company as outlined below.

Financial targets

Project portfolio

> 10,000 MW* by the end of 2025.

Project sales or FID

> 400 MW* in total during 2024-2025.

> 500 MW* per year, on average, during 2026-2028.

EBITDA margin within Production

> 60%

Equity ratio

> 30%


> 20% of net profit attributable to Arise’s shareholders.

* Including part-owned projects

“This illustrates our ambitious and profitable growth targets for the coming years. We are well-positioned to deliver on these, primarily due to our successful diversification regarding geography and technology which we start to see results from already. The energy market is characterized by the ongoing green transition and security of supply and will probably be so for decades ahead. We are part of the solution, and we are confident in our ability to create attractive shareholder value in the coming years”, says Arise’s CEO, Per-Erik Eriksson.

Halmstad, 12 September 2023

Arise AB (publ)
For further information, please contact:
Per-Erik Eriksson, CEO, Arise AB, +46 702 409 902

This information is information that Arise AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 12 September 2023 at 08.00 CEST.

Continued progress on value-creating activities in a slow transaction market

The calm transaction market in the first half-year has allowed us to increase our focus on long-term value creation throughout the organization. The agreement to acquire a majority of the French company Aquila was a step in this process. We have also continued the work of creating the next generation of investment products with focus on sustainability and a high degree of digitization. Despite a challenging economic environment, we have delivered a stable development of assets under management. 

Transaction volumes in Europe totalled EUR 24 Bn in the second quarter. This is the lowest level since the global financial crisis in 2008/09 and a decrease of over 60 percent year-on-year. Our decision to streamline operations and our focus on maintaining and strengthening our financial position benefits us in the current market climate. This allows us to invest in the company’s future during a hesitant market, both through real estate-, M&A- investments, and through long-term value creation in operational improvements and digital development.

In the quarter, we announced that we signed an agreement relating to the acquisition of 60 percent of Aquila. The French company comprises Aquila Asset Management and property fund manager Axipit Real Estate Partners, with a total of just over SEK 16 Bn in assets under management. The acquisition complements Catella’s existing Corporate Finance activities in France and provides a key piece of the puzzle to our continued growth ambitions for Europe. The integration of Aquila into Catella allows us to internally manage the French property holdings in our funds, and assume a relevant asset management position during interesting market conditions. In addition, the investment fund platform, Axipit, adds retail investments, a market that continues to grow in the current market. The acquisition is expected to be completed in September.

After the end of the quarter, Catella APAM (UK) was assigned a 12-month advisory mandate for Transport for London (TfL). This represent another prestigious assignment for our UK platform. Initially, the contract will involve assisting TfL’s wholly-owned commercial property company in understanding and realizing the potential of its assets, although in the longer term it may also open up opportunities for growth in assets under management.

Towards the end of July, we divested our 50 percent holding in Infrahubs and associated project companies for a purchase consideration corresponding to total invested capital, plus SEK 12 M for the value of the platform and assets. Through our partnership with Infrahubs we have successfully contributed to the Swedish market’s need for sustainable logistics solutions, and we wish Infrahubs every success on its continued growth journey. The transaction reduces our exposure to development projects and will free up additional capital for other growth investments.

Growth in assets under management
At the end of the quarter, assets under management in Investment Management totalled SEK 149 Bn, an increase of SEK 9 Bn from the start of the year. Completed development projects mainly contributed to the positive change, as well as exchange rate effects.
The Catella European Residential fund generated significant performance-based income in the quarter, although overall, variable income was lower as a direct result of reduced transaction volumes. However, growth over the past few years has increased the underlying income base from fixed management fees, which increased by 14 percent year-on-year. Capital commitments for future investments remain extensive and will largely be utilized in the funds’ development projects. Stable fixed income, capital commitments, and continued strong investor relationships mean that Investment Management stands strong in a turbulent market.

Focus on strengthening liquidity and new investments
The divestment of the logistics property in Vaggeryd was completed in the quarter, generating SEK 4.5 M in profit for Parent Company shareholders. Furthermore, the transaction increased liquidity by SEK 306 M.
We foresee limited divestments of completed projects in 2023. This is due to low transaction market activity and high uncertainty. However, we actively and continuously evaluate opportunities for new investments that meet our return requirements, mainly in co-investments with the aim of generating additional management mandates.
At the end of the quarter, Principal Investments’ investments in six countries totalled approximately SEK 1.5 Bn in 10 projects.

Advisory market remains quiet
As already mentioned, the transaction market remains hesitant. This affects all business areas, but mainly Corporate Finance. Income decreased by 38 percent year-on-year, resulting in negative operating profit of SEK -22 M (SEK 26 M). However, we expect some improvement in the second half of the year given the latent demand, although it is difficult to predict precisely how and when this will be realized.

Continued focus on value-creating investments and product development
Our breadth alongside local management competencies and a strong financial position provide us with significant opportunities. Lower valuations of potential acquisition targets provide us with the opportunity to expand our pan-European platform and to generate synergies. The dry powder in our funds provides the opportunity to grow assets under management. Our track record of navigating turbulent markets allows us to create the next generation of investment opportunities for our customers. A relatively calm transaction market also provides us the time and focus in creating long-term value in the organization. We have embarked on an exciting journey that I am eager to pursue.

Christoffer Abramson, CEO and President
Stockholm, 2023-08-18

Catella presents the Interim Report and answers questions today at 10 a.m. CET. To participate, go to

Catella AB divests its partnership with Infrahubs

Catella AB divests its 50 percent holding in Infrahubs AB and associated project companies for a purchase price of the total invested capital in return plus SEK 12 million for the value of the platform and assets. The divestment will have a positive effect on profit after tax, of approximately SEK 12 million during the second half of 2023.

In June 2020, Catella announced its partnership with Infrahubs AB with the common objective of developing logistics properties with automated warehouse management processes. Within the portfolio, modern logistics properties successfully have been developed, fully let, and sold in Norrköping. Örebro, Vaggeryd, Jönköping and Ljungby, all in southern Sweden.

Catella will retain its 40 percent holding and continue to finance the property developed in Jönköping, fully let to Svenska Retursystem (SRS) and other entities relating to historical projects until the time of sale and legal obligations are fulfilled.

All rights and obligations relating to future projects are transferred to the existing partners of Infrahubs AB.

” Together with Infrahubs we have successfully contributed to the Swedish market’s needs for sustainable logistics solutions according to our ambition with the partnership. We wish Infrahubs the best as they continue their growth journey developing modern logistics properties in Sweden”, says Christoffer Abramson, CEO and President at Catella Group.


Interim report 1 January – 30 June 2023


  • Net sales for the quarter amounted to MSEK 110 (53).
  • Operating profit before depreciation and amortisation (EBITDA) totalled MSEK 69 (25).
  • Operating profit (EBIT) was MSEK 53 (10).
  • Profit/loss after tax totalled MSEK 36 (-6) and earnings per share to SEK 0.85 (-0.13).
  • Operating cash flow was MSEK 60 (67) and cash flow after investments amounted to MSEK -167 (-12).
  • Production generated 54 GWh (61) of green electricity with an average income of SEK 947 (675)/MWh.
  • Arise completed the previously announced acquisition of approximately 51% of the shares in Pohjan Voima Oy.
  • The project portfolio increased by approximately 200 GW. 


  • Net sales for the period amounted to MSEK 217 (141).
  • Operating profit before depreciation and amortisation (EBITDA) totalled MSEK 145 (86).
  • Operating profit (EBIT) totalled MSEK 114 (56).
  • Profit after tax totalled MSEK 88 (31) and earnings per share to SEK 2.01 (0.76).
  • Operating cash flow was MSEK 90 (134) and cash flow after investments amounted to MSEK -208 (35).
  • Production generated 141 GWh (161) of green electricity with an average income of SEK 940 (725)/MWh.
  • In January 2023, Arise signed an agreement with Persson Invest, one of Sweden’s largest private landowners. The agreement pertains to development rights for potential wind power projects on a large portion of Persson Invest’s land, for which the company sees good potential to realise new wind power. According to the assessment from the company, the potential amounts to approximately 500 MW.
  • In March 2023, Arise signed an agreement to acquire approximately 51% of the Finnish company Pohjan Voima Oy. Pohjan Voima Oy has developed a well-diversified portfolio of onshore wind and solar projects across Finland, with a project portfolio that at the time of the signing was approximately 1.7 GW.
  • The project portfolio increased by approximately 2,600 MW.


  • No significant events have taken place after the end of the reporting period.


Halmstad, 18 July 2023

Arise AB (publ)


For further information, please contact:

Per-Erik Eriksson, CEO Arise AB, +46 702 409 902

Markus Larsson, CFO Arise AB, + 46 735 321 776