Kategori: Catella

Catella AB (publ) (”Catella”) completes, through a subsidiary, the previously announced transaction to acquire 75% of leading UK real estate investment and asset management company, APAM Ltd (APAM).
As announced in March 2018 Catella agreed to acquire 75% of the shares in APAM for a price corresponding to GBP 18 million, on a debt and cash free basis. Catella is now completing the transaction, and APAM is consolidated as a subsidiary in Catella Group, since necessary regulatory approval has been obtained from the financial supervisory authority in Luxembourg, Commission de Surveillance du Secteur Financier (CSSF). APAM has experienced fast growth over recent years and had revenues of approximately GBP 7 million during 2017.
“The UK is a key strategic market for us where we see significant investment interest from our clients, particularly from our Asian office. APAM is a leading business in its space with exceptional knowledge of real estate markets across the UK and an impressive track record of delivering strong returns for its clients. With this deal we strengthen our pan-European platform and local expertise giving us a competitive edge across Europe.” Knut Pedersen Group CEO of Catella comments.
APAM is an independent real estate investment and asset manager operating exclusively in the UK market with a combination of skills to offer clients an ‘end to end’ approach to support their investment strategy. APAM has assets under management (“AUM”) of GBP 1.4 billion and 41 employees. Simon Cooke and William Powell, founders and executive directors of APAM, will remain shareholders in APAM and have committed to the company for at least another five years. Catella APAM will continue to be independently run by its current management team and to pursue its successful growth strategy within UK.
“Catella Property Investment Management has continuously strengthened its competitive position in Europe and has experienced an annual cumulated growth rate (CAGR) in AUM of 31 % during the last three years. This transaction further strengthens our position as we reach AUM volume of EUR 8,1 billion” says Timo Nurminen, Head of Property Investment Management at Catella.
“The UK remains a hub for capital deployment throughout Europe and our deal with Catella reflects the UK’s continued prominence for global investment amongst institutions, sovereign funds and private investors. We relish the next phase of APAM’s growth within the outstanding Catella European Platform.” Simon Cooke and William Powell, founding shareholders and executive directors of Catella APAM said.

For more information, please contact:
Knut Pedersen Timo Nurminen
Chief Executive Officer Head of Property Investment Management
+46 8 463 33 10 +358 50 337 3320
knut.pedersen@catella.se timo.nurminen@catella.fi
Simon Cooke
Executive Director APAM
+44 7785 922716
scooke@apamuk.com

Catella is a leading specialist in property investments, fund management and banking, with operations in 14 countries. The group has assets under management of approximately SEK 180 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.

Catella Bank S.A., a subsidiary to Catella AB (publ), has entered an agreement to divest 51% of the Wealth Management operations in Sweden to Söderberg & Partners for approximately SEK 36 Million. Catella’s ownership in the joint venture structure is expected to generate positive cash flow which is an important part of the value of the transaction. The parties will also enter a strategic partnership. Catella will continue to develop alternative investment products to this client segment for the entire wealth advisory industry.
As part of the strategic review of Catella’s Banking operation Catella has evaluated various options for the Swedish Wealth Management operation and found the optimal conditions, for customers and employees, in Söderberg & Partners who is a partner and employer with a strong and long-term offering. Entering a strategic partnership ensures customers will be served by their trusted advisor on a competitive platform as well as it is an important step for Catella in the ambition to exit the consolidated situation and thereby improve capital and operational efficiency. The Söderberg & Partners Group is today one of Sweden´s and Scandinavia´s leading advisors within insurance and financial products and has approximately 1 800 employees around Europe.
“Söderberg & Partners is a strong and credible partner and I see great opportunities in our partnership. With this transaction Catella takes another important step towards a more efficient capital-structure and less extensive regulatory framework,” Knut Pedersen, CEO of Catella Group, comments.
“The partnership with Catella, as the reputable company it is, will give us great ability to develop our offer further. I am sure that our combined competences will provide synergy and even greater benefits for Söderberg & Partners, Catella and our respective customers”, says Gustaf Rentzhog, CEO of Söderberg & Partners.

In connection with the deal, Catella and Söderberg & Partners have entered into a call and put option agreement under which Catella is being granted a put option to sell their shares in the joint venture to Söderberg & Partners and Söderberg & Partners are being granted a call option to acquire the joint venture shares of Catella in 2024 at a price to be calculated through a pre-set formula depending on future profit development.
The balance sheet total of Catella Group will decrease by approximately SEK 1 Billion in connection with the transaction as both assets and liabilities will be transferred. Catella will consolidate its 49% share of the joint venture as an associated company in accordance with the equity method when the transaction is closed which is expected to be completed during the first half of 2019.

For more information, please contact:               Press contact:
Knut Pedersen                                                 Jonas Burvall, Head of
Chief Executive Officer                                    Group Communications
+46 8 463 33 10                                              +46 8 463 33 05
knut.pedersen@catella.se                                jonas.burvall@catella.se

This information is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 08.00 CET on 12th of December 2018.

Catella Bank S.A., a fully owned subsidiary of Catella AB (publ), has entered an asset transfer-agreement to divest its Wealth Management operations in Luxembourg to VP Bank (Luxembourg) SA as part of the previously announced strategic review, for approximately SEK 110 Million.
The Swedish Wealth Management division and the Card Issuing-operations is not part of this transaction and the strategic review is ongoing with regards to these two operations. As previously announced Catella aim to exit the consolidated situation due to the extensive regulatory framework and inefficient capital-structure it entails. Divesting the Wealth Management operations in Luxembourg is a step in that direction and an important part of this process has been to find a counterparty who can understand and meet our customers’ demands. Catella has evaluated various options and found the optimal conditions, for customers and employees, in VP Bank who is a partner and employer with a strong and long-term offering.

“VP Bank has the ambition and capacity to further develop the private banking offer to Catella’s wealth management-customers in Luxembourg. Catella and VP Bank will also enter a distribution partnership to develop and provide products for the Nordic and European markets. This provides a great opportunity for Catella to distribute alternative products through a large and credible partner. The transaction is also an important step towards a more efficient capital-structure and less extensive regulatory framework,” Knut Pedersen, CEO of Catella Group, comments.

“The transaction with Catella Bank S.A. underscores the growth ambitions of VP Bank Group and contributes significantly to the expansion of our activities in the Scandinavian market. Due to the international orientation, strong balance sheet and comparable ownership of VP Bank, we have ideal conditions to rapidly integrate the acquired customers and employees”, states Alfred W. Moeckli, CEO of VP Bank Group.

The balance sheet total of Catella Group will decrease by approximately SEK 2 Billion as both assets and liabilities will be transferred to VP Bank due to the transaction which is structured as an asset deal. The consideration is depending on certain conditions related to assets under management upon closing. The transaction is expected to be completed the first of February 2019.

About VP Bank
VP Bank Ltd was founded in 1956 and is one of the largest banks in Liechtenstein with 892 employees at mid-year 2018 (full-time equivalent 828). It currently has offices in Vaduz, Zurich, Luxembourg, Singapore, Hong Kong and Road Town on the British Virgin Islands. VP Bank Group offers bespoke asset management and investment consultancy for private individuals and intermediaries. Due to the open architecture, clients benefit from independent advice: The products and services of leading financial institutions as well as in-house investment solutions are included in client recommendations. VP Bank is listed on the Swiss stock exchange SIX, and has an ”A” rating from Standard & Poor’s. The bank has a sound balance sheet and capital base. Its anchor shareholders take a long-term view, guaranteeing continuity, independence as well as sustainability.

For more information, please contact: Press contact:

Knut Pedersen Jonas Burvall
Chief Executive Officer Head of Group Communications
+46 8 463 33 10 +46 8 463 33 05, +46 766 27 97 55
knut.pedersen@catella.se jonas.burvall@catella.se

This information is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation and the Securities Markets Act. The information was submitted for publication, through the agency of the contact person set out above, at 07.15 CET on 26th of October 2018.
Catella is a leading specialist in property investments, fund management and banking, with operations in 14 countries. The group has assets under management of approximately SEK 200 billion. Catella is listed on Nasdaq Stockholm in the Mid Cap segment. Read more online at catella.com.

The objective of Catella Hedgefond is to achieve stable returns at low risk, regardless of market conditions. The fund invests mainly in Nordic equities and bonds, as well as in derivatives. Sustainability is an integral part of the fund management and the fund applies negative screening for sustainability criteria and consequently avoids long positions in companies that produce tobacco, alcohol, commercial games for money, pornography, coal, or weapons. Derivatives are used in the management of the fund to protect its capital and increase return opportunities. The fund strives to achieve low correlation with performance in the equity, credit and bond markets and may thus both raise the expected return and lower the expected risk in a traditional equity and fixed income portfolio.

Saving up a buffer for unexpected costs is probably the most important saving of all. Once your buffer is in place you should create a good mix on a slightly longer investment horizon; the one for your longer-term goals and dreams.