Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 29 n° 341

Posts Tagged ‘catella’

Catella Wohnen Europa investment fund acquires 215 residential units in Germany and Netherlands

Posted by fidest press agency su lunedì, 11 dicembre 2017

berlin-projectBerlin-based investment manager Catella Residential Investment Management GmbH, a subsidiary of the Swedish Catella Group focused exclusively on the residential asset class, has, on behalf of Catella Wohnen Europa investment fund, acquired a total of 215 residential units in Lübeck, Germany, and Den Bosch, the Netherlands, for EUR 27.2 million. “While the structure of each of the properties has evolved over time, the buildings have been brought up to modern standards. This makes them a perfect fit for the long-term focus of our portfolio. In addition, we had already acquired a residential property at the Den Bosch location in 2016, with rentals per square metre almost EUR 2 higher than those for the most recently acquired comparable residential units,” says Benjamin Rüther, Deputy Fund Manager at Catella.
LübeckLübeck – historically evolved location close to the city centre. Built in 1946, this property is located in the St. Lorenz Nord district, close to Lübeck’s city centre. Most of the 149 residential units, with total leasable space of 7,336 square metres, have been renovated in recent years. The average apartment measures around 50 square metres, exactly the size for which there is strong demand at present. The immediate surroundings benefit from generously proportioned green spaces between buildings as well as an organically grown residential area with schools, day-care facilities for children, an indoor swimming pool, a specialist shopping centre and several supermarkets. The purchase price is EUR 15 million.
The residential complex in Den Bosch, the capital of the province of North Brabant, was built in 1975 and measures around 3,700 square metres. The property has 66 apartments and 61 outside car parking spaces. Originally used as a tax consultancy office, the building was converted into apartments with high-quality finishes and fittings in 2016. The apartment sizes range between 25 and 76 square metres. Prins Hendrikpark, a popular local recreation facility with a petting zoo and expanses of water, is located in the immediate vicinity of the property. The city centre is around 2 km away. The purchase price is around EUR 12.2 million.Den Bosch is very centrally located in the Netherlands and has excellent rail and road links. The size of the population is expected to increase from its current 165,000 in the next few years.The Catella Wohnen Europa investment fund is a German open-end mutual real estate fund for (semi-) professional and wealthy private investors wishing to invest at least EUR 500,000. Launched in February 2016, the fund had already accumulated real estate assets under management of more than EUR 415 million by the end of October 2017. It invests in selected European core markets, such as Germany, France, the Netherlands and Scandinavia.

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Catella: Strategic Real Estate Allocation survey shows new real estate vehicles emerging

Posted by fidest press agency su venerdì, 8 dicembre 2017

catella LichtenbergIn the latest Catella Market Tracker, “Strategic Real Estate Allocation – on its way into new product dimensions?”, the top100 multi-asset managers in Germany were asked what strategic real estate allocation course they will set over the coming months in the on-going real estate boom.The survey of the top 100 multi-asset managers revealed the following:
– 57% of the asset managers surveyed expect an appearance of real estate ETFs on the German market in 2019–2022, while only 13% do not expect a positioning of this product.
– Real estate secondaries and real estate multi-manager funds seem to be a particular future investment option. Of those surveyed, 20 % would invest 4–6 % in real estate secondaries, 7.7 % in multi-manager funds.
– Private equity investments would also profit from an adjustment if key interest rates rise, and would take an additional 10% share of investor allocation. The yield expectation is beyond 10%.
– Exchange traded funds experience an adjustment of 5 % in asset allocation, and could record an average yield of 3 %.“Tactical aspects continue to be expressed in the presented sentiment analysis, especially expansion towards the vehicles of real estate secondaries, and ETFs in the past 20 months seem to be more than a vision,” says Dr. Thomas Beyerle, Head of Group Research, regarding the results of the survey. “An attack on specialist funds does not seem to be happening here,” adds Beyerle. In the coming years, Catella Research therefore expects an increase in the market volume of alternative real estate products, even if only by a very low degree. Greater acceptance of the real-estate-based financial products of multi-asset managers with yield expectations quite a bit “beyond the 5” is shown.The complete Market Tracker is available at catella.com/research.

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Catella Residential Investment Management acquires residential project developments in Nuremberg and Stuttgart

Posted by fidest press agency su martedì, 5 dicembre 2017

catellaBerlin-based investment manager Catella Residential Investment Management GmbH (CRIM), focused exclusively on the residential asset class, has acquired two residential project developments in Nuremberg and Stuttgart for an investment fund of a southern German utility. The transactions are priced at around EUR 23.6 million in total. The fund is managed by Institutional Investment Partners 2IP. CRIM will be responsible for managing the fund’s residential portfolio, which has been designed for a utility in southern Germany.“Both project developments are already recording strong demand, because they are being built in the exact market segment for which there is fierce competition at present – small to medium-sized residential units. These types of properties are especially sought after in premium markets, where they are in extremely short supply. Both acquisitions have thus provided a long-term, stable investment opportunity for our clients”, says Matthias Bursi, Deputy Fund Manager at Catella.
Nuremberg.This project development, located in the Mögeldorf district of Nuremberg, will offer leasable space of around 2,606 m2. The building will house 25 residential units and one commercial unit and an underground car park with 30 spaces. The flats vary in size from 51 to 108 m2. The seller is Kommunale Entwicklungs- und Wohnungsbaugesellschaft mbH (KEWOG), which is on schedule to complete the building by the end of this year.The Mögeldorf district in the east of the city is a classic residential neighbourhood of villas and single-family homes. Proximity to the Pegnitzauen country park is a major benefit to the development. The purchase price is EUR 9.9 million.
Stuttgart. The property acquired in Stuttgart-Feuerbach, in the northern part of the city, is a seven-storey block of flats containing a total of 124 microflats and with its own underground car park with 13 spaces. The flats, which measure between 18 and 23 m2, are expected to be handed over in September 2018 to a non-profit operator, a subsidiary of the Stuttgart Caritas Association. The operator has signed a 15-year lease for the property.The Feuerbach district is about 5 km away from the Stuttgart city centre, with convenient access by underground and suburban rail services. There are numerous office and commercial properties in the vicinity, which are occupied by companies such as Bosch, whose employees could be potential tenants. The purchase price is around EUR 13.7 million.

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Catella Wohnen Europa investment fund acquires project developments in Denmark and Germany

Posted by fidest press agency su lunedì, 27 novembre 2017

catellaBerlin-based investment manager Catella Residential Investment Management GmbH (CRIM), focused exclusively on residential assets, has acquired two project developments for the Catella Wohnen Europa investment fund: one in Bremen, Germany, and the other in Aarhus, Denmark. The total purchase price of the 25,000 m2portfolio was around EUR 88.6 million.“The two acquisitions will allow us to further diversify our existing portfolio. In terms of residential property, Aarhus and Bremen are core markets, given that their population sizes are predicted to increase long-term and demand already significantly exceeds supply. Accordingly, the investments are a perfect fit for our broad-based portfolio”, says Benjamin Rüther, Deputy Fund Manager at Catella.
About the Bremen acquisition: microflats near the university A microflat complex with 215 units and total residential space of around 12,470 m2was acquired in the Hanseatic City of Bremen. The high-spec building, currently under construction by a company in the Zech Group, is expected to be completed and handed over to its future tenant, the City of Bremen, in March 2018. The city has entered into a 10-year double-net lease with an option to extend for a further five years. The purchase price is around EUR 35.5 million.
The development is located very close to the university in the north-east of the city and benefits from excellent public transport links.About the Aarhus acquisition: high-quality residential units in a growing market
A project development measuring around 13,000 m2with a total of 162 residential units was acquired in Aarhus, the second-largest city in Denmark. Unit areas range between 56 and 117 m2and completion is expected before the end of this year. The purchase price is around EUR 53.1 million.The project is located in one of five new districts in the city that have been earmarked for development to meet the very strong demand. The city’s population, currently around 340,000, is expected to grow by another 10 percent by 2025. Aarhus is home to some 58,000 students and 125,000 people under the age of 25.
The Catella Wohnen Europa investment fund is a German open-end mutual real estate fund for semi-professional and wealthy private investors looking to invest at least EUR 500,000. Launched in February 2016, the fund accumulated real estate assets under management of more than EUR 450 million in a single year. Catella Wohnen Europa invests in selected European core markets including Germany, France, the Netherlands and Scandinavia.

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Catella establishes fund manager Catella Residential Investment Management

Posted by fidest press agency su sabato, 18 novembre 2017

stoccolmaBirger jarlsgatan 6, Stockholm, 10240 Sverige. Since January 2016 Catella Real Estate AG built up a strong team of residential portfolio managers in Berlin, led by Xavier Jongen and Michael Keune. The team manages two mutual property funds and three special property funds. The total invested capital in the five funds amounts to EUR 1.3 billion and so far the funds have made investments in 8 countries in Europe; Germany, Netherlands, Denmark, Spain, France, UK, Poland and Austria.The decision to establish CRIM is another step in Catella’s ambition to build and develop strong and specialized competence centres that manage European residential real estate funds. The whole Berlin team in Catella Real Estate AG, consisting of 18 employees, has moved to CRIM to focus fully on further developing the residential fund management offering. Xavier Jongen and Michael Keune will be managing directors of CRIM. Catella Real Estate AG will continue managing the back office for all residential funds managed by CRIM.

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Catella: Risk evaluation reveals good investment opportunities in Europe

Posted by fidest press agency su giovedì, 9 novembre 2017

catella10In the latest Catella Market Tracker “Commercial Real Estate Investments in Europe – Risk Evaluation in Times of Boom and Uncertainty”, an analysis of 28 European real estate locations shows a good basis for long-term yield generation based on the common risk key indicators – risk/yield, volatility and Sharpe ratio.The analysis of 28 European locations in an office and retail portfolio shows an average total return of 7.95% at the end of 2017.The top-5 performers are Dublin (12.1 %), Lyon (10.4 %), Stockholm (10.2 %), Paris (9.9 %), Barcelona (9.8 %) and Marseilles (9.8 %).
The bottom-6 performers include five German cities: Frankfurt (5.6 %), Hamburg (5.6 %), Cologne (5.7 %), Berlin (5.8 %) and Munich (6.5 %). The sextet is completed by Helsinki, with a historical annual total return of 5.9 %.For average volatility or standard deviation, the following picture emerges:The five German cities (Cologne: 5.0 %, Hamburg: 5.7 %, Frankfurt: 6.8 %, Munich: 7.1 %) and Helsinki (6.2 %) – as underperformers – record the lowest levels of relative volatility.
Three of the five riskiest cities are found among the top-5 performers: Dublin (21.2 %), Barcelona (12.9 %) and Paris (12.1 %).When applying the Sharpe ratio – a measure that takes into account both value growth and volatility – the strongest values are attributable to Brussels (1.13), Amsterdam (1.06) and Lille (1.01).Large-scale investors still believe that major cities are a must-have investment that ought to account for a substantial proportion of their portfolio. “With a view to traditional risk theory and the current conditions on the market, however, this maxim should be viewed with a certain degree of scepticism,” says Dr. Thomas Beyerle, Head of Group Research at Catella. A resulting “naïve” investment using the popular but simplified ABBA strategy is consequentially not an investment recommendation.

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Catella establishes the property company Tre Kronor Investment

Posted by fidest press agency su venerdì, 20 ottobre 2017

catella arenaTwo hundred clients of Catella and its distributor partners have subscribed for shares in newly formed company Tre Kronor Property Investment AB (publ), which through a subsidiary has acquired a portfolio of 72 grocery properties in southern Sweden. The company’s chairman is Bernt-Olof Gustafsson, formerly the CEO of KF Fastigheter. Its CEO is Michael Johansson, whose background includes the role of CEO at ICA Fastigheter Sverige.Catella Corporate Finance acted as financial advisor and arranger in the transaction and, in cooperation with Catella Bank and ABG Sundal Collier, carried out the capital raising of SEK 355 million and arranged the debt financing.During the summer Tre Kronor Property Investment signed a contract with the property company Granen to acquire 72 retail properties located in 68 municipalities in southern Sweden and with a lettable floor area of 78,987 square metres.“During the placement we saw a high interest from retail investors but also from institutional investors in the real estate and grocery sectors. The project is another example of our ambition to offer our Wealth Management clients high quality investment opportunities in the property sector, based on our real estate expertise,” said Robert Fonovich, Head of Catella’s Corporate Finance unit in Sweden, and Tord Topsholm, CEO of Catella Bank, in a joint statement.Through the placement, Tre Kronor Property Investment AB has gained approximately 200 new shareholders, and after completion of the acquisition the aim is to list the shares on Nasdaq First North in Stockholm.“Tre Kronor Property Investment is a new Swedish real estate company focusing on prime position properties with a high proportion of grocery and community services. The largest tenants are Systembolaget and ICA. It will be the first publicly listed company to offer investors the unique opportunity to benefit from this segment that has until now been largely available only to major institutional investors,” says Martin Malhotra, project manager for the transaction at Catella.
Catella Asset Management, which will launch operations in Sweden in connection with this mandate, will be responsible for the management of the properties alongside CEO Michael Johansson.“The retail portfolio that Tre Kronor is acquiring is highly diversified, with strong tenants in attractive central locations. Catella’s Asset Management unit has a track record of successful development of portfolios of grocery properties, and we see many opportunities in the portfolio,” says Timo Nurminen, Head of Catella Property Investment Management in Europe.

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Catella: European retail – investor`s favourite facing a transformation

Posted by fidest press agency su venerdì, 13 ottobre 2017

stockholmStockholm. The new Catella Market Tracker “European Retail Markets – Investors’ favourite facing a transformation” shows the increasing pressure on European retail formats from e-commerce. But countries such as the Nordics, France and the UK are evading this negative trend. Examining the transformation of shopping centres shows that traditional retail space is being continuously replaced with food service and event space, in new buildings and, particularly, in the refurbishments being made by value-add investors.The largest distortions can be found in the textile trade, which suggests that not all products are affected in the same way. “Conversely, grocery stores are experiencing strong interest at many shopping destinations, with a large range of products and high-quality presentation, making in-store shopping attractive again,” says Dr. Thomas Beyerle, Head of Group Research at Catella.The results of the new Catella shopping centre Ranking show
– The Nordics (Sweden, Finland, Norway and Denmark), the UK and France lead the ranking
– With a density of approximately 900 square metres per 1,000 people, Norway provides the best coverage of shopping centres across Europe.
– The retail turnover index shows that most of the European retail market is flourishing, and that it displays stable growth rates in the UK, Sweden and France.From the investor perspective, Beyerle concludes that, “Independent of the structural shift in retailing, the established stock of shopping centres in the top-ranked countries combined with an estimated undervaluation of rents to offer investors an opportunity in retail to generate decent yields through moderate capital investment.” The market place concept will remain the leading shopping destination, be it a European city centre or simulated in a shopping centre. Structural distortions stem from a lack of innovation and underestimation of the expected consumer digitalisation. catella.com/research.

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Catella: European residential properties show large potential for appreciation

Posted by fidest press agency su mercoledì, 27 settembre 2017

catellaThe new Catella Market Indicator “Residential Europe Autumn/Winter 2017/2018” shows high international demand for residential property assets. European residential property worth almost EUR 37 billion was traded in 2016, and Catella expects this volume to reach a new record of approximately EUR 39 billion in 2017.The reasons behind this continued growth are urbanisation, availability of capital, migration and demographics. According to Catella, the groups of potential buyers are decidedly dissimilar. “This is underlined by the fact that Asian institutional investors were active in the continental European market for the first time ever in 2016. Several private equity funds are investing in Spain, retirement funds in the UK and Germany are investing in the Netherlands, and 40% of Berlin’s residential property trade is being done with a number of French, Scandinavian and Finnish buyers,” says Dr Thomas Beyerle, Head of Group Research at Catella. The analysis of 75 European cities in four categories by Catella Research showed the following:
The Dutch cities of Amsterdam, Utrecht and Rotterdam are the leaders at the “metropolis” level. These are followed by Helsinki, Copenhagen, London and Manchester. Malmö, Stockholm and Vienna also show high-level rankings (cash cows). This quadrant model from Catella Research classifies cities such as Manchester, Oslo, Stockholm, London and Helsinki as “stars”. Cities like Rome, Porto and Zaragoza display rather low levels, but are shaped by high dynamics and can be classified as the new kids on the block when it comes to residential property investment. The German cities are dispersed throughout the mid-section in terms of both level and dynamics rankings.Focusing on the investors, Beyerle sums up by saying, “Having investments in place in the residential property market now and in the future is more important than looking for the perfect opportunity to enter the market.” View the complete analysis at catella.com/research.

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CREDI indicates a positive view of the credit market among property companies

Posted by fidest press agency su martedì, 26 settembre 2017

Stockholm. “In this year’s third CREDI survey, we see an improvement in the CREDI Main Index, from 41.8 to 49.8. This is the highest index value in two years, and marks the second largest improvement in the history of CREDI. Listed property companies have a very positive view of the development of the crstoccolma1edit market, due to factors such as improved access to bank loans and reduced credit margins. In addition, property companies and banks agree that credit duration has increased,” says Martin Malhotra, Project Manager at Catella.“Historically, the responses of property companies’ in the CREDI survey have tracked the development of the overall stock market. The relatively strong development on the stock market over the last year indicates a continued improvement in the credit sentiment over the coming quarters. Furthermore, the positive view of the credit market in the latest CREDI survey indicates a stabilisation in bank lending to the property sector,” says Arvid Lindqvist, Head of Research at Catella.“While access to bank loans has improved and corporate bonds remain popular, preference shares are becoming increasingly less relevant for property companies. After more than a year with no new issues on the Nasdaq OMX Nordic Main Market, property companies are now looking to redeem their outstanding preference shares. During the summer, Sagax redeemed more than 70 per cent of its preference shares, which reduced the total volume by 8.2 per cent. In addition, Balder intends to redeem all of its 10 million outstanding preference shares, which would reduce the total volume by an additional 24 per cent,” Martin Malhotra concludes.
The twentieth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.com/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology at catella.com/credi. This edition also includes an analysis of preference shares and an overview of the property market.

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Catella launches “Catella Modernes Wohnen” open-ended mutual real estate fund for small-scale, affordable living

Posted by fidest press agency su lunedì, 21 agosto 2017

catellaThe team of Catella Real Estate AG has launched “Catella Modernes Wohnen” – an open-ended mutual real estate fund. The fund invests in small-scale, and thus affordable, accommodation with a focus on one and two person households in German conurbations.
Over 75% of households in Germany are one and two person households, but one room apartments account for only 3% of Germany’s housing stock; if 2-3-room apartments are included, the share is 30%. The average residential unit size of 95 m² realised in new construction is not in line with demand. The new fund will invest in small-scale and therefore affordable housing development that meets demand. In addition to students, the target group also includes the huge group of commuters, young professionals and above all senior citizens.“We are talking about approximately 10-12 million households looking for affordable housing in urban areas. That doesn’t work on 80-100 m², but has to be realised on 20-50 m² to keep overall rents at reasonable levels. Catella Modernes Wohnen aims to provide affordable living space to the largest group of users of residential accommodation – Germany’s rising number of one- and two-person households.” says Michael Keune, Portfolio Manager at Catella.The fund has made its first investment of EUR 25 million in an apartment building in Mainz, situated within walking of the city’s main railway station. Scheduled for completion in September, the property has 77 single and 65 double apartments. The building is part of a micro-living complex with additional services and student apartments also acquired by Catella managed funds. In total, Catella has thus invested in around 900 apartments for students, young professionals and commuters at the Mombacher Strasse location in Mainz.Further projects for micro living, student accommodation, housing for senior citizens and temporary accommodation (boarding houses) are already in the due diligence phase. The fund’s target volume is around EUR 500 million, with an overall target return based on the BVI method of 3.5-4.5% p.a.Catella Real Estate AG is the investment managment company of Catella AB, with 600 employees in 13 countries across Europe. Catella Real Estate AG has 70 employees and manages 19 opend-ended and special funds with 3.2 billion EUR assets under management.

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Catella advised in the divestment of part of Lundbeck headquarter properties to two Danish pension funds

Posted by fidest press agency su sabato, 12 agosto 2017

Copenhagen-docksCopenhagen. Catella Corporate Finance acted as exclusive financial advisor to Lundbeck in the divestment of approx. 33,000 sq.m. office properties located in Valby.The international pharmaceutical company H. Lundbeck A/S has divested part of the headquarters in Valby, Copenhagen, no longer needed for their operations. The investors are the two Danish pension funds, Danske civil- og akademiingeniørers Pensionskasse (DIP) and Juristernes og Økonomernes Pensionskasse (JØP).The divested part consists of two office properties, comprising a total of approx. 33,000 sq.m. The properties are located in Valby on the south-western fringe of Copenhagen; a significant development area that receives increasing interest from both domestic and international investors.“In order to maximize Lundbeck’s interests in the divestment process, we secured a long-term lease agreement with the Municipality of Copenhagen and at the same time found strong long term committed investors, who share our positive view on the future development and growth in Valby, amongst others fuelled by improved infrastructure centred around Ny Ellebjerg Station”, says Jesper Bo Hansen, Head of Corporate Finance at Catella.Catella led a structured sales process while simultaneously safeguarding the re-development of the properties needed to secure the lease agreement with the Municipality of Copenhagen.Lundbeck entered into the agreement with DIP/JØP in the beginning of May 2017. The transaction was dependent on pre-agreed conditions that have now been fulfilled and the closing of the transaction has now been completed.“As their financial advisor, we appreciate the trust that Lundbeck has shown Catella throughout this process, and we look forward to finding the right solution to the remaining building rights that are attractively located on the corner of Gammel Køge Landevej and Carl Jacobsens Vej”, says Jesper Bo Hansen, Head of Corporate Finance at Catella.

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Catella AB (publ) publishes bond prospectus and applies for listing of its bonds on Nasdaq

Posted by fidest press agency su sabato, 29 luglio 2017

stoccolmaStockholm Catella AB (publ) (“Catella”) issued on 15 June 2017 a senior unsecured bond loan of SEK 500,000,000 within a total framework amount of SEK 750,000,000 on the Swedish bond market. The bonds carry a floating rate interest of STIBOR 3m + 4.00 percentage points per annum and matures 15 June 2022.Catella has applied for listing of the bonds on the corporate bond list at Nasdaq Stockholm. The bonds will be admitted to trading on or about 8 August 2017.In connection with this Catella has prepared a prospectus. The prospectus has been approved by, and registered with, the Swedish Financial Supervisory Authority in accordance with the Financial Instruments Trading Act (1991:980). The Prospectus will be available on the Financial Supervisory Authority’s website (www.fi.se) and on Catella’s website (www.catella.com).

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Catella: Sustainability funds gain ground with investors

Posted by fidest press agency su venerdì, 21 luglio 2017

catellaThe new Catella Market Tracker “Sustainability funds in the real-estate industry – focus on Europe” analyzed the market for sustainable real-estate funds: the results indicate a clear focus of investors on Germany, Switzerland and Austria.The process of transformation of the finance industry shaped by sustainable investment aspects is gaining pace. There are two characteristics that define sustainable: an investment approach based on management of finance products, and the property level, i.e. a focus on the lifecycle of the properties in the case of real estate.“At present, the fund volume of all sustainable real-estate funds is approx. EUR 2.73 billion. This seems to be a lot at first glance, but compared to the entire European market of approx. EUR 11.04 trillion, this segment remains a niche category”, says Dr. Thomas Beyerle, Head of Group Research at Catella. “We were able to identify a total of 9 real-estate funds that are managed according to the basic standards of sustainability”, continues Beyerle.It becomes apparent that the European market primarily focuses on the so-called DACH regions (Germany, Austria and Switzerland). Switzerland in particular plays a leading role. “In Switzerland, real-estate funds make up 20% of the sustainable investment market. Germany has a slightly lower share, 17%. In Austria, sustainable real-estate funds currently account for only 1.7%. However, we expect this number to increase in the near future”, state the Catella analysts. By 2018, Catella forecasts a fund volume for sustainable property funds of EUR 3.2 billion.The topic of sustainability has become a firm investment criterion in portfolio management. Sustainable pension and equity products remain the most popular asset classes. However, the market for sustainable real-estate funds is increasing and still has considerable untapped potential.The complete Catella Market Tracker “Sustainability funds in the real-estate industry – focus on Europe” is available at http://www.catella.com/research.

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Catella advised in the forward-funding sale of approx. 19,000 sq.m. residential development project in Copenhagen

Posted by fidest press agency su domenica, 16 luglio 2017

catella5Catella Corporate Finance acted as exclusive financial advisor to MT Højgaard in the forward-funding sale of an approx. 19,000 sq.m. residential development project in the Copenhagen harbor area.MT Højgaard, one of the leading construction and development companies in Scandinavia, has agreed with the German real estate investor Patrizia to transact and develop the residential project “Project ACMV” located at A.C. Meyers Vænge at Teglholmen in Copenhagen’s South Harbor.“As one of the most active investors in Copenhagen, Patrizia continues to demonstrate trust in the long-term growth of Copenhagen, and we are pleased to have found a solution to this interesting development project that is attractive for both MT Højgaard and Patrizia”, says Jesper Bo Hansen, Head of Corporate Finance at Catella.The transaction was structured through a forward-funding model, where Patrizia has acquired the project, and will act as owner during the construction phase. MT Højgaard will as turnkey contractor deliver the project to Patrizia in stages during 2019.
The development project consists of approx. 19,000 sq.m., including 120 residential apartments and 56 residential townhouses as well as common areas, green spaces and a few commercial units.“We appreciate the trust and the mandate given to Catella by MT Højgaard. Copenhagen, and particularly the Copenhagen Harbor, is in a process of change; former trade and urban industrial areas are being transformed into vibrant residential neighborhoods. This, too, goes for Copenhagen’s South Harbor, whose growth is being stimulated further by the expansion of the Copenhagen subway”, says Jesper Bo Hansen, Head of Corporate Finance at Catella.

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Catella establishes operations in the Netherlands

Posted by fidest press agency su giovedì, 13 luglio 2017

catella5Catella AB has, through Catella Property Fund Management AB, acquired Dutch real estate services provider Panta Rhei Advisory B.V. Panta Rhei Advisory will be renamed to Catella IM Benelux.The acquisition means that Catella further strengthens its position in Property Investment Management on the real estate market in Europe and that the number of European countries in which Catella has a local presence increases from 12 to 13.
Catella IM Benelux will bring further expertise and extensive experience from the Dutch real estate market to Catella. Vöas Brouns, who co-founded the real estate services provider Panta Rhei Advisory in 2013, has decades of experience in institutional property investment in the Netherlands. Catella IM Benelux has 10 employees and will initially focus on the management of the Benelux located properties of Catella Real Estate AG. As of 1 July 2017, Catella Real Estate AG managed 19 European real estate funds with over 230 properties and a total of EUR 3.1 billion in assets under management. Catella IM Benelux will in the future also manage other residential and commercial portfolios in the Netherlands, Belgium and Luxembourg.The acquisition requires approval from the financial regulator, CSSF, in Luxembourg.

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CREDI indicates continued rising credit margins and an otherwise relatively stable credit market

Posted by fidest press agency su giovedì, 29 giugno 2017

In the June issue of the Catella Real Estate Debt Indicator (CREDI) the Main index decreases from 46.5 to 41.8, showing that both banks and property companies consider that the financing climate has worsened.“In this year’s second CREDI survey we see a deterioration in CREDI’s Main Index, from 46.5 to 41.8. The main reason for the deterioration is a decline in the sub-index measuring credit margins. The view of the banks remains more restrained compared to the listed property companies. One reason for this may be that banks have become more selective in their lending to smaller and new borrowers, and that the tightening has therefore not affected listed property companies to an equal extent,” says Martin Malhotra, Project Manager at Catella.“The development the CREDI Expectation index suggests that we can expect a slowdown in bank lending and also in the volume of transactions in the property market ocatella5er the next 9–12 months. At the moment there is clear selling pressure outside the major metropolitan regions as more and more players focus on large and regional cities. Thanks to the combination of a worsening financing climate and the increased liquidity outside the major cities, knowledgeable players with access to finance are currently able to invest with limited competition,” says Arvid Lindqvist, Head of Research at Catella.“While access to bank loans has deteriorated, we have had a strong quarter for corporate bonds. During the first quarter of 2017, property companies listed on Nasdaq OMX Nordic Main Market issued SEK and EUR bonds for almost SEK 17 billion, increasing the outstanding volume by a whole 33 percent. At the end of the second quarter, bonds made up almost 21 percent of the interest-bearing debt of the property companies, which is the highest proportion ever,” concludes Martin Malhotra.The nineteenth edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.com/credi. CREDI consists of two parts: one is an index based on a survey of listed property companies and active banks, and the other a set of indices based on publicly available data. Read more about the methodology at catella.com/credi. This edition also includes an analysis of preference shares and an overview of the property market.

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Catella: European office markets in an upswing

Posted by fidest press agency su venerdì, 23 giugno 2017

catella-arenaThe new Catella Market Indicator, Office Europe 2017, offers an extensive view of the European office markets, looking at economic policy and performance. The future currently looks bright for real estate investors on the continent, primarily due exceptionally positive prospects for the coming years.Office prices continue to rise, resulting in yield compression in this segment. Our assessment of office investment prices includes classic core and core plus as well as, to a lesser extent, value-added properties. This conclusion describes the recent situation based on an analysis of 32 European office locations by Catella.“We expect international investors to focus even more strongly on continental European real estate markets due to the ongoing Brexit process,” says Dr. Thomas Beyerle, Head of Group Research at Catella. “The continued uncertainty during the still-hesitant Brexit is also evidenced by some investors looking around for alternative locations,” Beyerle continues. The analysts are upbeat in their forecasts, but find it necessary to keep an eye on market cycles since economic growth and rising office property prices are positively correlated.Although the office segment will continue to be regarded as the number-one investment vehicle in investment portfolios, the yield compression in existing space and increasing supply shortages are prompting investors to turn their attention to project developments – with a dominant share of office use.Catella’s analysis of 32 office locations in Europe identified these trends in the clear majority of cases. Given that we can identify increasing rents in 19 of 32 locations, the markets are in a very strong position from a purely market perspective. Vacancy rates are continuing to fall and rents are increasing across the board. The highest rents are still paid in London (EUR 111.50/m2) and the lowest in Rotterdam (EUR 16.25/m2). The lowest office yield was registered in Paris (3.0%) and the highest in Finland (Ouloand and Lahti each 7.50% for core properties).For the first time, Germany knocked the UK off its traditional top spot in terms of investment volume in Q1 2017, with France following in third place. The Nordics are performing extraordinarily well at present, particularly Sweden and Finland. In southern Europe, Spain recently recorded its best quarter ever.The complete Catella Market Tracker, Market Indicator Office Europe 2017, is available at catella.com/research.

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Catella: Asset management market in Europe benefits from value-added investors

Posted by fidest press agency su martedì, 13 giugno 2017

catellaThe new Catella Market Tracker „Strong focus on value-add investments“ shows a considerable interest in “value-add” investments by institutional investors. With major consequences for the value added in downstream asset management markets: for each euro invested, asset management measures worth 20 cents are capitalized.In 2016, properties with a total value of EUR 256 billion changed hands in Europe in the commercial segment (office and retail). Catella Research estimates that around EUR 50 billion of this (20%) is related to value-add properties. “As a basic scenario, we anticipate an average potential for resulting asset management services totaling at EUR 6 billion to EUR 10 billion by 2021” says Dr. Thomas Beyerle, Head of Group Research at Catella. On average, the AM potential thus comes to just under EUR 1.6 billion per year in Europe. “Based on the transaction data, we can see that in a comparison throughout Europe, the highest value-add transaction volume in 2016 was to be found in Germany (25%), the UK (22%) and France (14%)” Beyerle continues.But what comes after the “value-add” investment, do these properties in fact have structurally higher risks in relation to the specific properties, tenants and locations? In this complex risk-adjusted situation, asset management therefore also increasingly requires attention as a value driver, say the analysts of Catella. To put it more simply: for the investor, a value-add classification is associated with more work with the property itself. In the current positive market situation on the European property markets, nevertheless the complex situation represents an opportunity for an increase in value. Stabilizing or increasing the cash flow component is a tactical objective. Strategically, this should certainly be accompanied by an increase in the change-in-value yield at the total return level.Derived from the motives for value-add investments in the last years, profitable elements at property level will anticipate at the current purchase price by rational acting investors. Although general statements can only ever provide an indication and the operational value driver is only to be found at the level of the individual property, Catella assume that for each euro invested, asset management measures worth 20 cents are capitalized in the coming years. Nonetheless, documented expertise in strategic and operational asset management is essential.The complete Catella Market Tracker “Strong focus on value-add investments” is available at http://www.catella.com/research.

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Catella AB (publ) issues a new five year senior unsecured bond of SEK 500m

Posted by fidest press agency su sabato, 10 giugno 2017

catella10Catella AB (publ) (the “Company”) hereby announces that the Company has successfully issued a new five year senior unsecured bond of SEK 500m with a floating interest rate of 3m Stibor + 4 percentage points.Catella AB (publ) has issued a five year senior unsecured bond of SEK 500m under a framework amount of SEK 750m. The bond has a five year tenor and carries a floating interest rate of 3m Stibor + 4 percentage points. The transaction was well received by Nordic investors and the bond was oversubscribed. In total more than 50 investors were allocated bonds in the transaction.The proceeds from the bond issue will be used to refinance the existing bond (including buybacks) and to provide Catella with additional liquidity for ongoing operations, further expansion and to permit potential future acquisitions. The bond will be listed on Nasdaq Stockholm. ABG Sundal Collier AB and Nordea Bank AB (publ) acted as financial advisors in conjunction with the transaction and Roschier Advokatbyrå AB acted as legal advisor.

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