Kategori: Catella

Catella forms Catella Investment Management (CIM), a €10 billion fund Investment Management platform

Posted on by Isabella

Catella announces the strategic merger of the front office operations of its subsidiaries Catella Residential Investment Management GmbH, Berlin (CRIM) and Catella Real Estate AG, Munich (CREAG) to form Catella Investment Management GmbH (CIM). The merger aims to create a stronger fund investment management platform for enhanced operational efficiency, effective from January 1, 2025.

Catella Residential Investment Management’s and Catella Real Estate AG’s clients will benefit from this strategic move, as they will now have access to a more robust, multi-sector front office managing and advising assets worth €10 billion across more than 25 funds with properties in 15 different countries across Europe. The unified business will possess enhanced capabilities in sharing resources and developing new products, ultimately leading to improved services.

“I am proud that we are now taking this step to combine the expertise and resources of CRIM and CREAG front offices, where we reinforce our common strength as one face to the market. Historically, CRIM and CREAG stem from the same company, and this merger enables a more efficient fund Investment Management platform with close to 150 dedicated professionals”, said Timo Nurminen, Head of Investment Management at Catella.

The merger between CRIM and the property-related activities, such as asset and portfolio management of CREAG, aims to create a more efficient and streamlined fund investment management platform by combining their expertise. In the course of this restructuring, CRIM GmbH will be renamed in CIM GmbH to point out the united product range of all types of property use.

CREAG will remain the AIFM with existing back-office functions for the open-ended regulated funds. The change aligns with Catella’s focus on harnessing synergies across the group and expanding into more value-added products.

The controlling shareholder of CIM GmbH and CREAG will be the Catella Group-owned Catella Investment Management Holding GmbH (CIM Holding GmbH), an entity that will provide services such as Office Management, HR, IT and advice on ESG to both subsidiaries.

The front office operations of CIM GmbH will be led by Michael Keune and Michael Fink as Managing Directors, while the AIFM will be led by the Managing Directors Olena Posiko and Bernd Thalmeier, who will have the role of the speaker of CREAG.
Volker Stix has been nominated as Managing Director of CIM Holding GmbH. The investment manager CIM GmbH will be headquartered in Berlin, with offices in Berlin, Munich, and Vienna.

“With this organizational change and one-face to the market, our ability to serve our clients’ interests will improve significantly. We will continue to work with the same teams as before in Berlin, Munich, and Vienna. It will provide us with excellent opportunities to further diversify and expand our more than 25 funds and portfolios within the segments and assets classes Residential, Office, Parking, Logistics and Mixed-use”, said Michael Keune and Michael Fink, Managing Directors of CIM, from January 1, 2025.

Bernd Thalmeier, Managing Director for the AIFM platform added; “The merger is a logical step to further strengthen our position in a new market environment and in the face of increasing competition. By pooling our expertise, resources and technologies, we are creating an even more powerful platform for our investors and partners. The aim is to respond to the needs of our investors while continuously ensuring the highest standards of quality and transparency in a more efficient and flexible way.”

For more information, please contact:
Timo Nurminen
Head of Investment Management
+358 50 337 33 20
timo.nurminen@catella.fi		 Veronica Hjelte
Head of Group Communications
+46 70 716 51 49
veronica.hjelte@catella.se
Stine Zöchling
Head of Marketing and PR, CRIM
+49 151 544 510 05
stine.zoechling@catella-residential.com		 Julia Stübler
Marketing and PR, CREAG
+49 152 389 228 65
julia.stuebler@catella-investment.com

 

About Catella Investment Management
Catella Investment Management provides portfolio management, acquisitions, disposals, and asset management advisory services. The company advises more than 25 funds and several mandates with residential and commercial assets under management across 15 European countries. The AIFM platform is a licensed capital management company that operates under German investment law (KAGB), offering expertise in the advice, development, and management of open-ended real estate investment funds. The company has offices in Berlin, Munich and Vienna.

Disclaimer:
This is a marketing release. It is for information purposes only and does not constitute investment advice, an investment recommendation, an offer or an invitation to buy or sell investment products. The information is not suitable for making a concrete investment decision on its basis. It does not contain any legal or tax advice. The provision of the information does not create any contractual obligation or any other liability towards the recipient or third parties. Shares may only be purchased on the basis of the currently valid Terms and Conditions of Investment in conjunction with the currently valid Sales Prospectus. 

Catella contemplates to issue new senior unsecured bonds and announces tender offer and its intention to exercise the call option regarding its outstanding senior unsecured bonds

Posted on by Isabella

Catella AB (publ) (”Catella” or the ”Company”) has mandated DNB Bank ASA, filial Sverige and Nordea Bank Abp as joint bookrunners to arrange investor meetings to investigate the possibility of issuing new SEK-denominated senior unsecured bonds with an expected volume of SEK 500 million under the Company’s MTN-programme, with an expected tenor of 4.25-4.5 years (the ”New Bonds”). Subject to market conditions, a capital markets transaction may follow.

In connection with the issue of the New Bonds, Catella is offering holders of the Company’s outstanding senior unsecured floating rate bonds with an outstanding nominal amount of SEK 942.5 million (ISIN SE0015660444) (the ”Existing Bonds”) to tender any and all of such holders’ Existing Bonds for purchase by the Company for cash (the ”Tender Offer”) at a price of 100.00 per cent. of the nominal amount, plus accrued and unpaid interest. The Existing Bonds will be repurchased subject to the terms and conditions described in a tender information document dated 25 November 2024 (the ”Tender Information Document”), which is available in the following link: www. catella.com/bonds

The Tender Offer expires at 12:00 CET on 29 November 2024, unless extended, re-opened, withdrawn or terminated at the sole discretion of the Company. Settlement of the Tender Offer is expected to occur at or around 10 December 2024. The Company’s repurchase of Existing Bonds is conditional upon a successful issue of the New Bonds and the conditions set forth in the Tender Information Document. Holders of Existing Bonds participating in the Tender Offer will be eligible to receive a priority in the allocation of the New Bonds, subject to the terms set out in the Tender Information Document.
Further, the Company has today instructed CSC (Sweden) AB to send a conditional notice of early redemption in relation to the Existing Bonds. In accordance with the notice, Catella will, conditional upon the settlement of the New Bonds, redeem all Existing Bonds not purchased by Catella in the Tender Offer at an amount of 100.00 per cent. of the nominal amount (i.e. SEK 1,250,000 per Existing Bond) in accordance with the terms and conditions of the Existing Bonds with the early redemption date being 19 December 2024 and the record date being 12 December 2024. The notice of early redemption is available on the websites of Catella and CSC Sweden AB.

The Company has mandated DNB Bank ASA, filial Sverige, and Nordea Bank Abp as joint arrangers and bookrunners in respect of the issuance of the New Bonds, and as dealer managers and tender agents for the Tender Offer. Advokatfirman Cederquist KB has been appointed as legal counsel.

For more information, please contact:

Michel Fischier
CFO
+46-8-463 33 86
michel.fischier@catella.se

About Catella

Catella is a leading specialist in property investments and fund management, with operations in 12 countries. The group has over EUR 13 billion in assets under management. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more at catella.com.

Increased efficiency in a recovering market

Posted on by olivia
The European property market is showing signs of cautious recovery and a slight increase of transaction market activity due to improved credit terms and lower interest rates. Macroeconomic conditions are also improving with inflation now under control and lower interest rates. During the quarter, Investment Management generated balanced in and out-flows, along with new asset management mandates, which is encouraging in a relatively subdued transaction market. Our stable liquidity and capital position, coupled with strategic organisational adaptations, enhance our preparedness as the market rebounds.

The outlook on the transaction market improved slightly in the third quarter, although completed transactions did not increase notably on the European markets. The underlying sentiment is positive and there are indications that the gap between buyers and sellers’ expectations is closing, supporting increased transaction volumes going forward.

The main reason behind a brighter outlook is improved financing conditions and lower capital costs. Although transactions still take a long time to complete, market sentiment suggests that we can expect more and larger transactions looking ahead, as the market slowly but surely prices in lower capital costs.

At macro level, the outlook is also brightening with inflation under control in Europe and the US, and with key central banks in the midst of interest rate cuts. However, the outlook is not as bright in all markets, where some economies, such as Germany, continue to face challenges. In addition, the continued political uncertainty and ongoing conflicts that, besides human suffering, could lead to new inflationary pressure, increased oil prices and disruptions in logistics.

The European property market is showing signs of recovery, with some segments experiencing stabilization or even decreases in yields. This indicates that the negative trend observed over the past two years and the decline in property values may be near a turning point. Given the positive impact of increased transaction market activity across all Catella’s business areas, we are encouraged by indications from current dialogues we have across our European markets that a recovery is underway, with sellers’ and buyers’ price expectations increasingly aligning.

I recently had the opportunity to attend the property fair Expo Real in Munich with other colleagues. In comparison to just six months ago, the sentiment within the sector is markedly more positive, with a notable increase in discussing transactions based on well-founded and genuine interest.

Operating profit for the quarter amounted to SEK 19 M (32), the decrease attributable to non-recurring costs of SEK 13 M. Adjusted for this, profit was in line with the previous year, despite decreased revenue excluding commissions, assignment and production costs of almost SEK 10 M. The outcome is the result of our initiatives aimed at increasing efficiency and digitalising operations, thus reducing costs.

Balanced capital flows
The Investment Management business area takes pride in having successfully balanced in- and outflows in the core business during challenging times. The majority of capital inflows were generated in Asset Management through the growth of new mandates, where investors appoint us to manage and develop property portfolios and to reposition them in the current and future market. This demonstrates that our business model continues to generate growth opportunities even in a weaker and more hesitant market. The work associated with new investment products continued successfully in the quarter, and we are now moving out of the product development phase and towards actively seeking investments alongside new and high-profile investment partners.

During the quarter, the initiative to merge our two fund management companies – Catella Residential Investment Management (CRIM) and Catella Real Estate AG (CREAG) continued. The ultimate goal is to create a stronger, more efficient and larger fund platform in Investment Management. The merger will result in a more efficient capital raising function, improved coordination of investor relations, and stronger management and analysis capabilities.

Investment Management’s assets under management totalled SEK 151 Bn in the quarter, which represents a decrease of SEK 1 Bn compared to the end of the second quarter, primarily driven by exchange rate differences.

Planned divestments
In Principal Investments, the focus continues to be on developing and completing existing projects for divestment. In the fourth quarter, we expect to divest the French development project Polaxis. The divestments will further strengthen our liquidity and open up for new investment opportunities that meet our return requirements.

At the end of September, Kaktus Towers was awarded the prize “Europe’s Best Tall Building” by an international jury of architects at CTBUH’s (Council on Tall Buildings and Urban Habitat) conference in London. The award recognises both the building’s innovative architecture and its contribution to modern and sustainable residential concepts that satisfy the needs of today and tomorrow. We continue active dialogues with potential investors of a sale of this landmark in central Copenhagen.

Looking ahead, we are evaluating potential investments in both development projects and several European aggregation mandates with capital partners. With valuations stabilizing, we see attractive investment opportunities.

Signs of transaction market recovery
As previously mentioned above, we are beginning to see a brighter transaction market in Corporate Finance, although this has not yet translated into a notable increase in the number of transactions.

While transaction volumes in Europe were up slightly year-on-year, they remain well below the levels seen two years ago, when the downturn began. We are optimistic that the number of transactions will pick up on several markets in the fourth quarter, as this is the most transaction-heavy quarter in historical terms.

Green investments
In support of future green investments in the real estate industry, we established a Medium Term Note-program (MTN) in the quarter. In September, we issued new senior unsecured green bonds at a total amount of SEK 600 M, which attracted significant interest. The new green bonds are listed on Nasdaq Stockholm’s list for sustainable bonds. The issue is the first under our green bond framework.

In the quarter, we also continued the process associated with the implementation of CSRD (Corporate Sustainability Reporting Directive) – a new EU Directive aimed at increasing transparency and responsibility relating to corporate sustainability reporting.

Outlook
I am humbled by the confidence the Board has placed in me to lead Catella into the future during the recruitment of a permanent CEO. As indicated above, I am optimistic about the near future after more than two challenging years.

We have done and continue to do the right things. During the period of reduced activity, we have worked diligently to improve efficiency and adapt the organization. We have maintained a strong liquidity and a strong capital position and are now well-positioned to take advantage of the upturn. Our upcoming divestments will further strengthen our position. As the market improves, Catella is in a strong position to capture and capitalize on the opportunities arising, and continue to create value for our customers and shareholders in the future.

Catella presents the Interim Report and answers questions today at 10 a.m. CET.
To participate, go to https://financialhearings.com/event/48742

Daniel Gorosch, interim CEO and President
Stockholm, Sweden, 07 November 2024

For further information, please contact:

Michel Fischier
CFO
+46-8-463 33 86
michel.fischier@catella.se

Nomination committee before the annual general meeting 2025

Posted on by olivia
The nomination committee before the annual general meeting 2025 in Catella AB has been appointed in accordance with the current instruction for the nomination committee.

The nomination committee before the annual general meeting 2025 comprises Eje Wictorson, appointed by Claesson & Anderzén, Ruben Visser, appointed by Gran Fondo Capital, and Oscar Karlsson, appointed by Alcur Fonder. Eje Wictorson has been appointed as chairman of the nomination committee.

Information about the work of the nomination committee can be found on the company’s website, www.catella.com. Shareholders who wish to submit proposals to the nomination committee may do so in writing via e-mail to valberedning@catella.se or by post to Catella AB, Att: Nomination Committee, P.O. Box 5894, SE-102 40 Stockholm, Sweden.

The annual general meeting in Catella AB will be held on Tuesday, 20 May 2025 in Stockholm.

For more information, please contact:

Eje Wictorson
Chairman of the nomination committee
+46 70 600 19 58
eje.wictorson@claessonanderzen.com

Catella’s CEO Christoffer Abramson leaves the company

Posted on by olivia
Following 3.5 years as CEO and President of Catella, Christoffer Abramson and the Board have agreed that he shall resign from his position. The Board will now initiate the recruitment of a new permanent CEO and President, and has in the meantime appointed Daniel Gorosch, currently CEO of Catella Corporate Finance Sweden, as acting CEO and President commencing today.

”The Board would like to express its sincere gratitude to Christoffer Abramson for his three and a half years as CEO and President. He has contributed to the streamlining of Catella and the company’s continued growth through a cautious and challenging market. At the same time, he has also implemented significant changes and successfully highlighted our strong synergies within the Group and strengthened our Pan-European platform”, says Sofia Watt, Chairman of the Board of Catella.

”Daniel Gorosch, currently CEO of Corporate Finance Sweden, has previously held CEO positions at Colliers Sverige and JLL Sverige and has solid experience in the transaction market. Overall, the Board is convinced that he can quickly and effectively take on the role as acting CEO and President and lead Catella forward in a market that is showing signs of cautious optimism”, Sofia Watt continues.

For further information, please contact:
Sofia Watt
Chairman of the Board
+44 75 01 191 317

Veronica Hjelte
Head of Group Communications
+46 8 643 33 17
veronica.hjelte@catella.se