Bulletin from the annual general meeting of Catella AB

The annual general meeting of Catella AB was held today on Tuesday 24 May 2022. The annual general meeting was held by advance voting only pursuant to temporary legislation and thus without the physical presence of shareholders, proxies and external parties. 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 all board members, i.e Johan Claesson, Johan Damne, Joachim Gahm, Jan Roxendal, Tobias Alsborger and Anneli Jansson. Johan Claesson was re-elected as chairman of the board.

The annual general meeting adopted the income statement and the balance sheet 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 1.00 per share, corresponding to a total of SEK 88,348,572.00, and that the remaining profit shall be carried forward. The record date for the dividend was set to Friday 27 May 2022. Payment to the shareholders is expected to be made from Euroclear Sweden AB on Wednesday 1 June 2022.

The annual general meeting also resolved:

  • that the number of board members shall be six, with no deputies, and that the company shall have one auditor, with no deputy auditors.
  • to determine the remuneration to the board members to SEK 600,000 to the chairman of the board, SEK 370,000 to each of the other board members and, for work in the committees, SEK 135,000 to the chairman of the board’s audit committee and SEK 105,000 to each of the other two members as well as SEK 42,000 to the chairman of the board’s remuneration committee and SEK 32,000 to the other member.
  • to re-elect PricewaterhouseCoopers AB as auditor for the period until the end of the next annual general meeting. The authorized public accountant Patrik Adolfson will be appointed as new auditor-in-charge.
  • that remuneration to the auditor shall be paid in accordance with approved invoices.
  • to approve the board’s remuneration report for the preceding financial year.
  • to adopt an updated instruction for the nomination committee.
  • to adopt updated guidelines for remuneration to senior executives.
  • to adopt amended articles of association in light of Catella no longer conducting, or intending to conduct, banking operations, to clarify the operations conducted within the business area Principal Investments as well as so reflect the applicable wording of the Swedish Companies Act (2005:551) and the Swedish Corporate Governance Code. In addition thereto, a number of editorial amendments to the articles of association were approved.
  • 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’s 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’s proposal.


Complete documentation relating to the resolutions of the annual general meeting can be found here.

Arise AB (publ) has successfully issued green senior unsecured bonds of EUR 50,000,000

Arise AB (publ) (the ”Company”) has successfully issued green senior unsecured bonds of an amount of EUR 50,000,000 under a framework of EUR 100,000,000. The bonds carry a floating interest rate of 3m EURIBOR + 525 basis points and are due in May 2026. The Company intends to list the bonds on Nasdaq Stockholm Sustainable Bond List.

The net proceeds will be used in accordance with Arise’s newly established Green Financing Framework, including financing of new renewable energy projects.

DNB Markets acted as Sole Bookrunner and Sustainability Advisor, Setterwalls Advokatbyrå AB acted as the issuer’s legal counsel and Advokatfirman Cederquist AB acted as the bookrunner’s legal counsel in connection with the bond issue.

Continued growth and profitability

All three business areas had a strong start to the year with an Operating Profit* improve-ment of SEK 127 M to SEK 111 M compared to the corresponding quarter in the previous year. The drivers behind the strong progress are primarily due to Principal Investment’s first property sale from the Infrahubs portfolio and last year’s positive growth of assets under management in Investment Management.

It was a strong start to the year across all three business areas, Investment Management, Principal Investments and Corporate Finance. Assets under management increased by SEK 17 Bn and operating profit attributable to the Parent Company shareholders increased by SEK 127 M to SEK 111 M year-on-year. The drivers behind the strong progress are primarily due to Principal Investment’s first property sale from the Infrahus portfolio and last year’s positive growth of assets under management in Investment Management.

The first quarter of 2022 was unfortunately impacted by the Russian invasion of Ukraine and a significant increase in macro economic uncertainty. The crisis brings the debate regarding energy efficiency and sustainability to the table as well as a global increase in interest rates and inflation. These challenges, and opportunities, for the real estate sector makes it even more important for Catella to refine and develop our company with a clear goal of being the link between property and global capital.

Following the divestments and liquidations of Catella’s non-core business segments, we have continued to develop and strengthen our remaining operations. As part of this, we performed a strategic review of Corporate Finance which resulted in the difficult decision to discontinue our operations in Germany and the Baltics where we have experienced limited synergies for the Group and losses for several years. The divestment impacted the first quarter with non-recurring costs but ensures that going forward we can focus further on growing the markets where we have a strong position, and further benefit from the existing synergies between Corporate Finance and our other business areas.

A focused company also gives us the ability to accelerate growth by broadening our product offering and expanding geographically. Our majority holding purchase of Warsaw Property Partners at the start of May is an example of opening up a new market which will immediately generate an Investment Management platform and opportunities to identify development projects for Principal Investments in collaboration with our new partners.

Stable inflow of new capital in Investment Management
In line with previous years, the first quarter was quiet and had lower acquisition activity and hence moderate growth in assets under management, which currently amounts to SEK 126 Bn. Behind the growth was a strong inflow to the CER III fund, Catella’s first dark green, article 9 classified, fund which reached the milestone of EUR 1 Bn in the quarter. I am also pleased that we launched our second dark green fund, Elithis Towers, which plans to develop approximately 100 energy-positive residential properties. This is an exciting and long-term partnership and also the world’s first ”Energy-positive Residential Impact Fund”.

To further meet our own and our investor’s sustainability ambitions, we have started a review of our current property holding within our funds. The aim of the review is to give us a clear picture of which properties we can, and should, adapt from a sustainability perspective and which should be divested in order to invest in more sustainability assets.

Year-on year, Investment Management’s operating profit improved by 70% and demonstrates the scalability of the business model. The interest in our investments remains strong and committed capital for future fund investments exceeds SEK 12 Bn which enables further growth. In the quarter we simplified the name of the business area to “Investment Management”.

First sale from the Infrahub portfolio and a total of seven development projects in Principal Investments which will be completed and divested during 2022
In March, the first sale of a development project from the partly owned Infrahubs was completed. There was great interest in the property, which confirms our solid business model of developing a portfolio of modern and sustainable logistics properties with long leases. The sale generated a total profit of SEK 102 M, with an additional SEK 30 M to be recognized when the installation of what will be the largest rooftop photovoltaic cell facility in the Nordics is completed.

To further simplify and clarify Catella’s organisational structure, all project development companies were moved to Principal Investments in the quarter. Currently, we have SEK 1.3 Bn invested in 16 projects in six countries. Seven of these are expected to be completed and divested during 2022.

A stronger and focused Corporate Finance
Despite a weaker transaction market, as usual during the first quarter, operating profit increased by SEK 20 M after excluding non-recurring costs related to winding-down the German operations (SEK 17 M).

Corporate Finance Sweden was the transaction advisor for the sale of the logistics property in Norrköping, which generated a successful sale for Principal Investments and a market based fee for Corporate Finance, proving the important role Corporate Finance plays for the rest of Catella.
Despite a more uncertain global outlook, we see a continuous stable pipeline of transactions in the upcoming quarters. We also see an increased demand for services within our newly launched business area, Debt Advisory, as an effect of a tighter credit market and refinancing needs.

The macro economic and geopolitical uncertainties continue and are impacting the decisions we make for the future. In the short-term it is evident that we are entering a market with higher inflation and rising interest rates. Furthermore, we note an increased interest in sustainable assets, which to us is positive.
However, I feel secure in the quality of our current pipeline and the investment philosophy that we base decisions on.
Looking ahead, we will not comprise our return requirements nor risk control for future investment decisions in a more uncertain macro environment.

Next week, I will gather my European colleagues to discuss future challenges and opportunities in an environment with tighter monetary policy and increased focus on sustainability. The aim is to reach a clear agenda and consensus regarding areas where we can mitigate potential negative effects from an increasing uncertainties. But, more importantly, our aim is to identify and develop sustainable services and products better adapted to a changing world.

My personal ambition is that Catella will continue to create and refine its existing portfolio of partner companies and development platforms with a shared sustainability vision and the ability to deliver stable growth and a profitable project pipeline.

Catella establishes operations in Poland through the majority acquisition of the real estate investment and development management company WPP

Catella has agreed to acquire 65% of Warsaw Property Partners (“WPP”) for a price of approximately SEK 40 million. The company is an independent real estate investment, asset, and development management company, operating exclusively in the Polish market with a broad offering to support investment strategies of clients. WPP has assets under management (“AUM”) of nearly SEK 2 billion and 18 employees.

Christian Fojtl, Jacek Wachowicz, and Bartosz Bzoma, Managing Directors, will remain shareholders in WPP and have committed to the company for at least another five years. WPP will continue to be run by its current management team to further pursue its successful growth strategy in Poland. Furthermore, becoming a part of Catella, it will generate significant synergies to the Group as asset and investment manager for existing and future Property Fund Investments, as well as development opportunities for Principal Investments.

“We are delighted to have agreed to enter a partnership with the Managing Directors of WPP and we look forward to continue to develop WPP together with its partners and employees. Poland is a key strategic market for us, where we see potential property development opportunities and significant investment management synergies across the Group. With the acquisition of WPP we get a highly skilled team with a strong track record and an exceptional knowledge of the Polish real estate market, who now will have a much increased ability to grow with Catella’s capital supporting their ambitious plans. The acquisition ties into Catella’s growth strategy through partly owned companies alongside local partners, which ensures commitment by local management and financial incentives that are aligned with Catella’s overall goals,” says Christoffer Abramson, President and CEO at Catella.

“We are excited about becoming a part of the Catella Group. Today, WPP is an agile, well-established real estate company serving the Polish market. By joining Catella we can add additional value and growth through Catella’s pan-European real estate infrastructure. We are confident that the combination will be successful and result in a strong asset management and development capabilities ready to serve both local, Catella internal and international clients” says Jacek Wachowicz, CEO WPP

The transaction is expected to be completed during the second quarter of 2022.