News

2 juni, 2023

Catella signs agreement to acquire majority stake in Aquila Asset Management

Catella has today agreed to acquire 60 percent of the shares in Aquila Asset Management SAS (“Aquila Group”) for the preliminary purchase price of approximately EUR 9,6 million. The Aquila Group consists of Aquila Asset Management and the real estate investment fund management company Axipit Real Estate Partners, with in total EUR 1.4 billion in assets under management. The acquisition will complement Catella’s strong existing Corporate Finance operations in France as well as the continued growth of its pan-European platform.

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 and is regulated by the French Financial Markets Authority (Autorité des Marchés Financiers).

The shares are acquired from local management who will remain minority shareholders. The sellers are entitled to an additional purchase price of approximately EUR 1 million if certain criteria are fulfilled. The acquisition is financed by Catella’s own capital. Closing of the transaction is subject to regulatory approval and expected during the second half of 2023.

“The acquisition of the majority of Aquila means that we add another piece of the puzzle in place on our growth journey. Aquila is one of the largest independent players in real estate asset management in France with very high competence, an eminent portfolio, and a large network. The acquisition will provide strong synergies with our existing operations in France and Europe, while the entry into the French fund business for private investors is of great strategic importance,” said Christoffer Abramson, CEO of Catella.

France is one of Europe’s most attractive investments markets and Aquila Group is an important real estate asset manager transforming into a European player with EUR 1.4 billion in assets under management and sound profit margins. The acquisition will contribute and complement Catella’s existing operations and ambition to further capitalize on the company’s strong financial position to expand into new businesses and markets.

“The partnership with Catella will give us extra power in our strategic journey of transforming into a global player in real estate savings. 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” said Jean-Marc Sabiani and Gilles Barbieri, Founders and Managing Partners at Aquila.

“This partnership is a very important component in our endeavor to take the next step on the group’s profitable growth journey and to be an attractive partner for investors globally. We are now significantly strengthening our position,” said Christoffer Abramson.


31 maj, 2023

Conversion of shares in Catella AB

According to Catella’s articles of association a holder of a share of class A has the right to require that the share be converted into a class B share. Such conversion decreases the total number of votes in the company. After such a conversion has taken place, the company has an obligation under law to, in this way, publish information about the change.

During May 2023, 19,710 shares of class A have been converted into the same number of shares of class B. Thereafter, the total number of votes in Catella amount to 98,192,700.

The total number of registered shares in the company after the conversion amount to 88,348,572, of which 2,461,032 shares of class A and 85,887,540 shares of class B.


10 maj, 2023

Bulletin from the annual general meeting of Catella AB

The annual general meeting of Catella AB was held today, on Wednesday 10 May 2023. The annual general meeting resolved in accordance with all proposals presented by the board of directors and the nomination committee.

The annual general meeting resolved to re-elect the board members Johan Claesson, Tobias Alsborger, Johan Damne and Anneli Jansson. Samir Kamal and Sofia Watt were elected as new board members. Johan Claesson was re-elected as chairman of the board of directors.

The annual general meeting adopted the income statements and balance sheets for the parent company and the group and resolved to discharge the board members and the chief executive officer from liability for the preceding financial year.

The annual general meeting further resolved to distribute dividend of SEK 1.20 per share, corresponding to a total of SEK 106,018,286.40, and that the remaining profit shall be carried forward. The record date for the dividend was set to Friday 12 May 2023. Payment to the shareholders is expected to be made from Euroclear Sweden AB on Wednesday 17 May 2023.

The annual general meeting also resolved:

  • to determine the remuneration to the board members to SEK 615,000 to the chairman of the board of directors and SEK 380,000 to each of the other board members and, for work in the committees, SEK 140,000 to the chairman of the board of directors’ audit committee and SEK 108,000 to each of the other two members and SEK 43,000 to the chairman of the board of directors’ remuneration committee and SEK 33,000 to the other member.
  • to elect KPMG AB as new auditor for the period until the end of the next annual general meeting. The authorized public accountant Johanna Hagström will be appointed as auditor-in-charge.
  • that remuneration to the auditor shall be paid in accordance with approved invoices.
  • to approve the board of directors’ remuneration report for the preceding financial year.
  • to authorize the board of directors to, on one or more occasions during the period until the end of the next annual general meeting, with or without deviation from the shareholders’ preferential rights, resolve on a new issue of shares of Class A and/or Class B, in accordance with the terms and conditions of the board of directors’ proposal.
  • to authorize the board of directors to, on one or more occasions during the period until the end of the next annual general meeting, resolve on repurchase and transfer of the company’s own shares of Class A and/or Class B, in accordance with the terms and conditions of the board of directors’ proposal.

For further information, please contact:

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


6 maj, 2023

A calm quarter with continued investments for the future

A cautious transaction market affected all Catella’s business areas during the quarter. We continued to work on the next generation of funds, investments, and mandates aimed at supporting growth in assets under management and profitability going forward. With a strong financial position we are well-equipped to continue growing the company through investment in digitalisation and capital raising, exploration of M&A opportunities, opportunistic investments together with partners, and the launch of new sustainability-profiled products in a new market environment.

The transaction market was still cautious at the start of the year, which affected all three of Catella’s business areas. Transaction volumes fell 67 percent year-on-year, the biggest decrease since the financial crisis in the late 2000s. Before buyers’ and sellers’ expectations align, we must work with these market conditions and continue to focus on long-term value creation.
With a strong 2022 behind us and a solid financial position, we are well-positioned to continue growing the company through investments in digitalisation and capital raising, evaluation of M&A opportunities, opportunistic investments, and the launch of new products.

In April, we welcomed Gianluca Romano, who will help to strengthen our capacity to raise capital. With Gianluca on our team, we can further utilise our unique local expertise, long experience and European investment strategy to promote future growth. With an extensive background as an advisor to institutional investors and asset managers, he will sharpen Catella’s strategy and work with global institutional investors.

Stable assets under management in an inactive investment market
Assets under management totalled SEK 141 Bn at the end of the quarter, an increase of 12 percent year-on-year, but unchanged since the start of the year. Our shares in Catella Hospitality Europe were divested during the quarter, resulting in an outflow of SEK 2 Bn in assets under management. The decision to sell the platform to partners was based on profitability not meeting our targets. The transaction generated a profit of SEK 5 M and will contribute to a stronger underlying operating margin going forward.

The sluggish transaction market also resulted in lower variable income in the business area. However, due to the growth in previous years, the underlying income base from fixed management fees is strong. Operating profit of more than SEK 30 M proves the resilience of our underlying business model, with solid profitability despite the slow transaction market. Despite a limited inflow of new capital, we view 2023 with a certain optimism as we continue to have a large pipeline of transactions to complete, and capital commitments of approximately SEK 10 Bn at the end of the quarter.

Stronger focus on liquidity and completion of existing investments
During the quarter, Catella signed an agreement relating to the sale of a logistics facility in Vaggeryd. The sale will generate a single-digit profit in SEK M, which will be recognised in the second quarter and further materially strengthen our liquidity.
In today’s market characterised by uncertainty, low activity, and repricing, we expect divestments of completed projects to be limited during 2023. However, thanks to our financial position, we can afford to delay the divestment of completed and cash flow positive properties. At the same time, we are flexible and ready to utilize liquidity for other investment opportunities that we are actively working with currently.

We have not invested in any new projects since the start of the year and are instead continuing to develop existing projects, albeit at a slower pace. At the end of the quarter, Principal Investments’ investments in six countries totalled approximately SEK 1.2 Bn in 10 projects.

A weak quarter for the advisory services market
The first quarter is seasonally the least active from a historical perspective. This quarter was exceptionally weak, with transaction volumes plummeting by 67 percent in Europe and by a hefty 75 percent in Sweden. The lack of activity in the market also caused Corporate Finance’s income to fall to SEK 66 M (88). However, the loss was slightly reduced by decisions taken in the first quarter 2022 to focus our operations to five countries.

Well-positioned for long-term value creation
Although profit in the quarter was hampered by a slow transaction market, we have further strengthened our liquidity at Group level and still have plenty of capital to increase our fund investments. In a continued turbulent market, we benefit from our strong financial position and strong local asset management expertise, which is more important now than ever. This enables us to continue building on the value potential of our pan-European platform and opportunities to scale our offering, broaden our customer relationships, and build long-term value.

Christoffer Abramson, CEO and President
Stockholm, 2023-05-05

Catella presents the Interim Report and answers questions today at 10 a.m. CET. To participate, go to https://financialhearings.com/event/46281

For further information, please contact:

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


6 maj, 2023

Acting CFO Michel Fischier appointed new CFO of Catella

Catella has today appointed Michel Fischier as Chief Financial Officer (CFO). Michel Fischier has been a member of Group Management since 2021 as Head of Investor Relations and Group Communications, and since February 2023 served as acting CFO.

”I am pleased that Michel accepted the role as our new CFO. We have conducted a solid recruitment process and are pleased that we have found the best candidate internally. His broad experience and expertise both meet the professional and personal qualities we sought after for our continued growth journey,” says Catella’s President and CEO Christoffer Abramson.

Michel Fischier has held the position as Head of Investor Relations and Group Communications and member of Group Management since 2021. Before joining Catella, he served as Vice President Investor Relations at SAS and has previously held leading roles in IR and communications at Hoist Finance and Skandia, among others.

In connection with Michel Fischier’s appointment as CFO, Veronica Hjelte has been appointed acting Head of Group Communications. Veronica Hjelte has worked at Catella since 2019, most recently in the role of Communications Specialist.

For more information, please contact:

Christoffer Abramson
President and CEO
+46 8 463 33 25
christoffer.abramson@catella.se

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