Kategori: Catella

Catella in new landmark residential portfolio transaction
18 April 2016  | Corporate Finance
Catella has acted as sole financial advisor to Carlsberg Foundation on the sale of six real estate companies in Denmark to three leading Danish pension funds, at a value of EUR 148 million.

PRESS RELEASE
CATELLA ADVISOR TO CARLSBERG FOUNDATION
“We appreciate the trust shown to Catella by the venerable Carlsberg Foundation – the world’s first commercial foundation,” says Jesper Bo Hansen, Head of Catella Corporate Finance.
“I am very pleased that we have managed to reach agreement with three highly regarded Danish pension funds that have long-term investment profiles and extensive experience with property – an agreement that will continue the companies’ real estate activities for the benefit of current and future tenants,” says Professor Flemming Besenbacher, Chairman of Carlsberg Foundation.
The buyers are PFA Pension (49%), Juristerne og Økonomernes Pensionskasse (34%) and Danske Civil- og Akademiingeniørers Pensionskasse (17%).
The properties have been owned by Carlsberg Foundation since before the Second World War.
“Real estate transactions are becoming increasingly complex, and we are determined to position ourselves as a leading financial advisor in today’s complex business environment – we want to be the link between property and finance. Any complex transaction requires the ability to closely interact and cooperate with other specialised advisors. The completion of this transaction was successfully secured through strong cooperation with Plesner, EY and DEAS,” says Jesper Bo Hansen.

For more information, please contact:
Jesper Bo Hansen
Head of Corporate Finance
+45 33 93 75 93
jesper.bo@catella.dk

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

15 April 2016  | Funds
Henrik Gripenvik has been appointed as a new portfolio manager at Catella. Henrik has extensive experience as an analyst, most recently from Futuris Asset Management at Brummer & Partners.
PRESS RELEASE
“We are pleased and proud to be able to announce Henrik as portfolio manager at Catella. Catella has high ambitions for its portfolio management and, with his solid background in equity research, Henrik will be an excellent complement to the existing team,” says Erik Kjellgren, Head of the Swedish fund operations.
Henrik Gripenvik has worked for nine years as an analyst at Futuris Asset Management, which is part of the Brummer & Partners group. For the last two years he has been a partner at the company, focused mainly on detailed analysis of engineering companies. Prior to that Henrik worked at Handelsbanken.
“Catella has grown significantly in fund management in recent years, and we are now further strengthening the team in order to develop the business. We have chosen to recruit an individual with extensive experience in equity research since we conduct active management of both long and short positions, and with large variation from index,” says Erik Kjellgren.
Henrik Gripenvik will join Catella on 2 May 2016.

For more information, please contact:
Erik Kjellgren
Head of Swedish Fund Operations
+46 8 614 25 12, +46 70 314 40 35
erik.kjellgren@catella.se

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

5 April 2016  | Corporate Finance
In order to evaluate the long-term advantages of the 18 analysed European investment locations, Catella Research draws on a large number of criteria, including economies, demographics, regulation, residential property markets and finance. No matter what country or city we look at, it is clear that investments in residential property are subject to increased levels of demand, leading to continuously rising prices.

PRESS RELEASE
CATELLA MARKET INDICATOR RESIDENTIAL EUROPE 2016
THOMAS BEYERLE CATELLA
The European residential real estate sector stands out as the decade’s best performer, despite the existence of substantial differences in yields and drivers between different regional markets and cities. Demand has rocketed in the past 24 months, and at present there is no discernible end in sight. Residential investment came to a total of EUR 37.5 billion in 2015, according to the “Catella Market Indicator – Residential Europe 2016.
Europe has seen two simultaneous developments that have set the stage for what is known as a “supercycle”. Rising liquidity has coupled with a rate of urbanisation that can almost be described as dramatic, over more than 10 years. Together, these have produced the current situation in European residential markets, in which high demand contrasts with comparatively slow-growing supply. But one must also take into account that national residential markets are very much subject to national politics”, says Dr. Thomas Beyerle, Head of Group Research at Catella.
Cities like London, Paris, the Swiss metropolitan regions and German cities such as Munich, Hamburg and Stuttgart are very popular, resulting in high rental prices. But the growth in rental prices is struggling to compensate for the increase in purchase prices, resulting in yield compression and confining rental yields to between 3% and 4%. This is pushing some of Germany’s and France’s category B and C towns, with rental yields of up to 6%, into the limelight, write the analysts.
Similar results have also been seen in Polish cities such as Warsaw, Gdańsk and Łódź. This trend will be carried by stable Polish economic growth over the medium and long term. Transaction activities have recently increased in Spain, although it remains to be seen whether this development is sustainable.
The Catella Market Indicator – Residential Europe, Spring/Summer 2016 is now available at www.catella.com/research.

For more information, please contact:
Dr. Thomas Beyerle
Head of Group Research
+49 69 310 19 30 220
thomas.beyerle@catella.de
Press contact:
Ann Charlotte Svensson
Head of Group Communications
+46 8 463 32 55, +46 72 510 11 61
anncharlotte.svensson@catella.se

11 March 2016 | Corporate Finance

The new publication “Property Market Trends, France Spring 2016” provides an in-depth assessment of the commercial real estate market in France and its future perspectives.
On the rental market in Île-de-France, the report identified several important trends. After a first half seeing take-up trending strongly downward, activity has been much more dynamic in the second half of 2015, thanks to a more favorable macroeconomic context. As a result, take-up has revived enough to see the year ending slightly better than 2014. In total, year-on-year take-up has grown by 1.2% to reach 2.21 million square meters. The small- and medium-surface markets have been the most dynamic: up 12% from 2014 with a transaction volume of almost 1.5 million square meters.
While this is still well short of the record performances of 2006 and 2007, these are the best results in these size categories since 2008. However, take-up for surfaces of over 20,000 sq.m has been down since early 2015, showing an overall decrease of 37% compared to 2014, despite a recovery toward the year’s end. Vacancy rates have started to decline, driven both by a recovery in large-surface transactions in existing new buildings and a slight drop in releases. Overall, the vacancy rate in Ile-de-France fell slightly, by 0.3 point, to 7%. Headline rents have remained broadly stable and there has been a further increase in incentives, which reached 21.5% in Ile-de-France.
As has been seen in the rental market, the investment market has experienced an exceptional second half of the year following its lacklustre first six months. €26.2 billion have been invested in the non-residential real estate market in France, up 2.5% over 2014. This result was only surpassed in 2006 and 2007. Despite this similarity, the two markets have followed very different trajectories in the past two years. The investment market continues to benefit greatly from the very high volume of liquidity available for properties, coupled with the relatively limited supply of same. This has generated, with increasing competition between players, higher values and severely reduced yields.
Unlike in 2014, it has been transactions in the €100-to-€300 million range which have proved the strongest market impetus in 2015. But deals in excess of €500 million have shown a sharp decline after the truly outstanding performance the previous year. While offices have remained the most sought-after product type, warehouses have been the strongest growing product in 2015. Investment funds have strengthened their dominance in the French market, while there has also been a comeback by SIIC-listed companies, insurance companies and SCPIs.
The report Property Market Trends is available for download at marketsummarybycatella.com/fr

For more information please contact:
Oceane VINSON
+33 1 56 79 79 78
Oceane.Vinson@catella.fr

22 February 2016 08:11 | Catella AB

Catella has decided to revise its fee structure for the Catella Hedgefond fund, to better respond to changing market demands. Catella Hedgefond has previously applied an annual reset of its high water mark, but has now chosen to instead implement a perpetual high water mark.

Press release

Since its inception in 2004, Catella Hedgefond has delivered an average annual return of 5.6 percent. The average standard deviation during the period was 2.6 per cent. In both 2014 and 2015, the fund was named Hedge Fund of the Year by Fondmarknaden.se.

When Catella Hedgefond was founded in 2004 the fee structure at that time, with an annual reset of the high water mark was by no means unique in the market, and the fund rules that regulate the fees charged were of course approved by the Swedish Financial Supervisory Authority.

“However, since market practice has since then gradually moved towards the use of a perpetual high water mark, we find no reason to retain this principle. It is important to emphasise that the model we have applied until now has been clearly communicated, is fully in line with current regulations and entirely in accordance with the fund rules approved by the Financial Supervisory Authority,” says Erik Kjellgren, head of the Swedish fund management operations.

The revision must be similarly approved by the Financial Supervisory Authority, and can then be applied immediately.

“We believe in our fund management model and we naturally care about full transparency, including in our fee structure,” says Erik Kjellgren.

For more information, please contact:
Erik Kjellgren
Head of Swedish Fund Operations
+46 8 614 25 12, +46 70 314 40 35
erik.kjellgren@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