Fidest – Agenzia giornalistica/press agency

Quotidiano di informazione – Anno 30 n° 265

Posts Tagged ‘catella’

Catella advises Coop in mega transaction in Aarhus

Posted by fidest press agency su mercoledì, 20 giugno 2018

Catella Corporate Finance has acted as financial advisor to Coop in the sale of an attractive 131.300 sq.m. real estate portfolio in Aarhus to Dades A/S.Coop, one of Denmark’s largest retail companies, has sold a 131.300 sq.m. business-, campus- and retail portfolio in Aarhus South to one of Denmark’s largest privately held real-estate companies Dades A/S. Dades A/S is owned by Novo Holdings, Tryghedsgruppen and Aase and Ejnar Danielsen’s Fund.For more than a century, Coop has owned and operated businesses in and around Aarhus South; and since 1996, they have managed to successfully develop and convert properties previously used for their own purposes. The significant investments that Coop has made, have turned the quarter into a modern business, campus and retail destination and have been pivotal in turning Aarhus South into the vibrant, active and modern neighbourhood that it is today.Catella Corporate Finance conducted a structured bidding process that has proven successful and generated significant amounts of interest among both Danish and international investors.“The successful transformation of the area that Coop has patiently officiated has clearly been instrumental in bringing this solid investment case to life”, says Jesper Bo Hansen, Head of Corporate Finance at Catella. He, too, points out that Catella has complete faith that Dades will manage and continuously develop the area of great benefit to tenants, retailers and the millions of visitors that frequent the neighbourhood every year.Historically, the transaction is one of the largest ever carried out in Aarhus. Due to the size of this mega transaction, the final closing is dependent upon the Danish Competition and Consumer Authority’s approval.“We appreciate the trust that Coop has shown Catella and we are pleased that we have been able to successfully execute the sales process of this portfolio that has been in Coop’s ownership for more than a century”, says Jesper Bo Hansen and acknowledges the divestment as an insightful and strategic decision in line with Coop’s focus on investing in their core business, including digitalization and modernization of their retail stores.

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Catella consiglia Coop in mega operazione in Aarhus

Posted by fidest press agency su mercoledì, 20 giugno 2018

Catella Corporate Finance ha agito come consulente finanziario per Coop nella vendita di un attraente 131,300 mq portafoglio immobiliare in Aarhus a Dades A / S. Coop, una delle maggiori aziende di vendita al dettaglio della Danimarca, ha venduto un mq 131,300 d’affari, di campus- e di portafoglio al dettaglio in Aarhus sud ad uno dei più grandi a capitale privato società immobiliari della Danimarca Dades A / S. Dades A / S è di proprietà di Novo Holdings, Tryghedsgruppen e Aase e il Fondo di Ejnar Danielsen. Per più di un secolo, Coop ha proprietà e gestito imprese in ed intorno Aarhus sud; e dal 1996, sono riusciti a sviluppare con successo e convertire le proprietà utilizzate in precedenza per i propri scopi. Gli investimenti significativi che Coop ha fatto, hanno trasformato il quartiere in un moderno business, campus e vendita al dettaglio di destinazione e sono stati fondamentali nel trasformare Aarhus sud nel quartiere vivace, attiva e moderna che è oggi. Catella Corporate Finance ha condotto un processo di offerta strutturato, che si è dimostrata vincente e ha generato una notevole quantità di interesse da parte degli investitori sia danesi e internazionali. “La trasformazione di successo della zona che Coop ha pazientemente officiata ha chiaramente svolto un ruolo fondamentale nel portare questo caso solido investimento per la vita”, dice Jesper Bo Hansen, Responsabile Corporate Finance presso Catella. Anche lui, fa notare che Catella ha piena fiducia che Dades gestirà e continuamente sviluppare l’area di grande beneficio per gli inquilini, i rivenditori ei milioni di visitatori che frequentano il quartiere ogni anno. Storicamente, la transazione è uno dei più grandi mai effettuati in Aarhus. A causa delle dimensioni di questo mega operazione, la chiusura definitiva dipende dalla danese per la concorrenza e l’approvazione dell’Autorità del consumatore. “Apprezziamo la fiducia che Coop ha dimostrato Catella e siamo lieti che siamo stati in grado di eseguire con successo il processo di vendita di questo portafoglio che è stata di proprietà di Coop per più di un secolo”, dice Jesper Bo Hansen e riconosce la cessione come una decisione attenta e strategica, in linea con l’obiettivo di Coop di investire nella loro core business, tra cui la digitalizzazione e la modernizzazione dei loro negozi al dettaglio.

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Catella: Flexible Workspace stimulates office markets – increasing interest of investors in Coworking

Posted by fidest press agency su venerdì, 8 giugno 2018

Catella Research examined the so-called flexible workspace market in Europe. The pay-per-use mentality and flexibility of the working world allows a new economic perspective towards use and the traditional, long-term approach towards paying rent. Flexible workspace creates an alternative form of working, which is mostly located in city centers as well as at strategic locations such as airports, train stations and in combination with urban housing and retail concepts.The disturbance of the classic, long-term office rental contract has not yet structurally reached the European office markets. However, especially in the large, internationally active companies a change can be recorded. Currently, the new form of working, which is mostly known as Coworking, is more in demand and older corporate office structures are being reconsidered.
– At the beginning of 2018, there were approx. 14.500 flexible workspaces, of which 20% are in Europe. In the course of the last years, there was a strong expansion of spaces related to flexible forms of working.
– Regarding geographical locations, a strong localization in the central business centers, with a spatial focus in and out of so-called trendy neighborhoods, can be seen. Operatively, these providers can be found in new-build spaces as well as existing premises.
– A dynamically increasing part of this is the so-called GIG-Economy (gig = performance), a part of the modern perfor­mance establishment in the labor market, where smaller con­tracts are given to independent freelancers or minor employees.
– But also corporates, so larger companies, are helping themselves to the available supply. More and more, these companies are finding the interaction with innovative start-ups useful and therefore outsource single departments into flexible workspaces.“In 2018, we estimate the share of flexible work space in Europe (EU 28) to be at around 2.1 million sq. m. Compared to the total European office market of around 275 million sq. m., flexible workspace only amounts to 0.76%”, says Dr. Thomas Beyerle, Head of Group Research at Catella. “Based on the change processes and driven by steadily rising investor demand, we expect a strong increase of flexible workplace centers, as well as a number of extensions”, continues Beyerle. As a minimum area size – the base of the economically relevant management – the Catella analysts estimate approx. 2.000 sq. m. Regarding object types, the focus is clearly on the hybrid model, a mixed form of private offices and shared spaces.catella.com/research.

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Strategic Review of Catella Bank

Posted by fidest press agency su domenica, 3 giugno 2018

In order to ensure that Catella Bank’s various operations get the best possible conditions for development, and to achieve operational efficiency and optimized capital structure for the Catella Group, a strategic review has been initiated.Currently, consolidation is taking place in Wealth Management in Luxembourg, where Nordic actors are leaving, creating a need for customers to find a counterparty who can understand and meet their demands. Catella intends to evaluate solutions to create optimal conditions to meet the customer needs and for continuing to operate in the Wealth Management-segment, through partnerships, or other types of collaborations, within the framework of a structure that does not bring about a consolidated situation for the Catella Group.The current structure means that the consolidation of Catella Bank in the Catella Group entails extensive capital and regulatory requirements for operations outside of Catella Bank, which in turn affects the cost- and capital structure.”Catella has grown its Wealth Management business rapidly in recent years. We have invested in skilled employees and, through cooperation with other parts of Catella, created attractive exposures and a high quality offer which is much appreciated by investors and customers. This business must be conducted through a structure that ensures customer needs and is effective from a cost- and capital perspective for the Group.” says Knut Pedersen, CEO of Catella.In connection to the review of the structure it is natural to ensure, for continued growth, that the card issuing operations have an efficient operating platform. Work has begun, together with the business area management, to create the necessary conditions, and evaluate the structure, for the business.Catella has previously announced that a strategic review of Catella Bank’s card acquiring operations is ongoing and is expected to be completed during the coming quarter.

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Demand pressure in European commercial residential markets – yield decreases aren’t measured

Posted by fidest press agency su sabato, 26 maggio 2018

Catella Research examined the commercial residential markets of 59 cities in 19 European countries: the lowest yield in Stockholm, the highest in Krakow. The highest rents in London, the lowest in Vilnius. The average purchase price for owner-occupied flats is at 4,616 €/sqm. Highest transaction volume in Germany.In the 19 countries analyzed by Catella, a total transaction volume of EUR 48.1 billion was achieved in 2017. 32% of this was achieved in Germany alone, followed by UK with a share of 15%. The taillight in this ranking is Belgium with merely EUR 55.8 million.Further single results of this analysis:
– The lowest yield of all European residential markets can be found in Stockholm with 1.50%, followed by Zurich with 2.20%. The highest yield can be found in Krakow with 7.44%, followed by Warsaw with 6.15%. The average European yield is at 3.97%.
– The lowest average rent is in Vilnius with 8.75 €/sqm, closely followed by Riga with 9.25 €/sqm. The most expensive rental flats by far are found in London with average prices of 40.78 €/sqm. Behind that, the continental city of Bern follows with 34.10 €/sqm. The average price of the 54 presented rental prices in Europe is at 15.21 €/sqm.
– The city of Vilnius has the lowest purchase prices for owner-occupied flats with an average of 1,470 €/sqm. The second lowest city is Wroclaw with 1,520 €/sqm. The most expensive prices per square meter for owner-occupied flats are also paid in London with 16,935 €/sqm. Zurich is in second place with 1,007 €/sqm and therefore ahead of Paris, where the average price is 10,030 €/sqm.“The demand pressure in the European commercial residential markets will sustain. In 31 of 59 cities, a slight decline of yields is expected by the end of the year, while increasing yields aren’t expected in any European city”, explains Dr. Thomas Beyerle, Head of Group Research at Catella. “For investors, the Polish cities seem to have the most attractive yields”, Beyerle continues.The full analysis is available at catella.com/research.

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CREDI indicates an improving credit market

Posted by fidest press agency su mercoledì, 11 aprile 2018

In the April issue of the Catella Real Estate Debt Indicator (CREDI), the Main index increases from 50.3 to 50.5, which is the second consecutive quarter where the Main index is above 50.0.
“In this year’s first CREDI survey, the credit market continues to improve as the Main index increases from 50.3 to 50.5. This is the second consecutive quarter where the CREDI survey indicates an improving credit market, which has not happened since the autumn of 2015. Reduced credit margins and increased access to credit are important reasons for the improved credit climate,” says Martin Malhotra, Project Manager at Catella.“We are seeing a strong interest in centrally located office properties in large cities, especially in Stockholm, while it is becoming increasingly difficult to sell properties in secondary locations. We are expecting to see an increased yield gap between properties in A, B and C locations,” says Arvid Lindqvist, Head of Research at Catella.“Furthermore, we are seeing a continued interest in bonds among property companies. In 2017, property companies listed on Nasdaq Stockholm Main Market increased their volume of bonds by 80 per cent, from SEK 51 billion to SEK 91 billion. In the spring of 2018, we also had the first new issue of property-related preference shares on Nasdaq Stockholm Main Market since May 2016, as NP3 issued preference shares of approximately SEK 288 million,” Martin Malhotra concludes.The twenty-second edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.com/en/news-and-pressreleases/research. 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. CREDI also includes an analysis of preference shares and an overview of the property market.

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Catella strengthens UK presence by signing a conditioned share purchase agreement to acquire majority stake in APAM Ltd

Posted by fidest press agency su martedì, 13 marzo 2018

Catella AB has, through Catella Property Fund Management AB (“CPFM”), signed a share purchase agreement to acquire a majority stake in the leading UK real estate investment and asset management company, APAM Ltd. Closing of the transaction requires regulatory approval and other conditions to be fulfilled.
APAM Ltd (“APAM”) has experienced fast growth over recent years and had revenues of approximately GBP 7 million during the calendar year 2017. CPFM has agreed to acquire 75% of the shares in APAM for a price corresponding to GBP 18 million, on a debt and cash free basis. A non-refundable down payment of the purchase price of GBP 2.7 million was made at signing, while the remaining amount is to be paid in cash upon completion. Catella is not obligated to complete the transaction according to the agreement but it is expected to complete during second half of 2018, subject to necessary regulatory approval having been obtained from the financial supervisory authority in Luxembourg, Commission de Surveillance du Secteur Financier (CSSF).“As a leading company within the strategically important UK market, APAM constitutes a key piece in Catella’s ambition to build the pan-European platform Catella has built the last years within our Property Investment Management business area, which has been our focus for the last four years”, says Knut Pedersen, CEO of Catella AB.
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, each with 12.5% of the share capital and voting power after the transaction. APAM will continue to be independently run by its current management team and to pursue its successful growth strategy within UK. Co-operation between Catella and APAM will start immediately. Management from both companies see significant opportunities to strengthen their offering to international investors by leveraging the combined pan-European reach the two companies can provide. With APAM, Catella will reach SEK 200bn in AUM (GBP 18bn).
“Catella Property Investment Management has continuously strengthened its competitive position over the last years and has experienced an annual cumulated growth rate (CAGR) in AUM of 23% and a CAGR of 43% the last three years. This transaction further strengthens our position.” says Timo Nurminen, Head of Property Investment Management at Catella.“We are impressed by the strong risk adjusted return APAM generates for its clients and are delighted to expand our offering for our clients in UK. Catella’s clients, in particular our Asian office’s, will be able to expand their pan-European allocation with a significant share allocated to the UK”, says Timo Nurminen.Simon Cooke, founding shareholder and executive director, said: “This transaction brings together two great names in property investment management and Catella’s strategic investment provides us with an even stronger platform for growth. Will and I will continue to lead and drive the APAM business – it will be very much ‘business as usual’. We have enjoyed building APAM over the last eight years and look forward to working with Catella to leverage the new opportunities that this partnership brings.”William Powell, founding shareholder and executive director, added: “Joining forces with Catella, marks the start of an exciting new chapter in APAM’s development, providing our clients with access to best-in-class advisers across 14 countries and an even more extensive range of services. By combining our strengths, this strategic partnership delivers significant potential to grow our business and our international client base, as well as opportunities for our team.”In connection with the deal, CPFM and the two minority owners in APAM have entered into a call and put option agreement under which CPFM is being granted a call option to acquire the shares of the minority owners and the minority owners are being granted a put option to sell their shares to CPFM during the autumn 2023 at a price to be calculated through a pre-set formula depending on future profit development.

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Catella Property Investment Management increased AuM 33% in 2017 to EUR 5.6 billion

Posted by fidest press agency su venerdì, 9 marzo 2018

Catella’s regulated fund operations in Germany, CREAG, and the specialised residential and student housing portfolio manager CRIM were the biggest contributors to the growth in assets under management (AuM) and profitability. The capital flows to German funds were strong, totalling approximately EUR 900 million in AuM growth. The fastest growing fund, Catella Wohnen Europa, targets German investors, while its property investments are made throughout Europe. Within two years the fund’s AuM have grown to EUR 590 million, with 3,000 residential units in five European countries. Another successful fund launch was Catella Modernes Wohnen, which has reached EUR 100 million in AuM after only six months of operating. The existing property funds of CREAG executed transactions worth approximately EUR 550 million, with net AuM growth of EUR 320 million, and delivered returns above their target.In the project development service area, Catella’s German project management unit CPM was able to achieve major progress in rezoning an old postal logistics site in Dusseldorf’s central business district. Grand Central is a major urban planning project in Dusseldorf, with approximately 140,000 m2 gross floor area of residential, hotel and mixed-use building rights. CPM operates nationwide in residential and commercial developments, and is managing projects with a total underlying market value of EUR 1.0 billion. In France, Catella Asset Management had a successful year, in particular by closing the acquisition of around 200 office and light industrial real estate assets from EDF Group. The portfolio covers floor space of approximately 400,000 m2. In 2017, Catella started new regional asset management operations in Sweden, Benelux and Germany. After having expanded the regional platform to a total of nine European countries, Catella has now reached the point at which investors are offered a strong local operating partner with European reach. As part of this effort, Catella opened an office in Hong Kong in 2017 to offer Asian investors access to European real estate investments.“Catella’s strategy to offer local investment capacity with European reach to global and local investors has turned out to be highly appreciated. The growth of AuM is a sign of strength and an acknowledgement of confidence in our approach and ability to deliver in local European markets. The increased cooperation between Catella’s business areas has furthermore brought value to both our customers and Catella. We intend to continue this growth in 2018, strengthen our local teams further and leverage on our now pan-European offering,” comments Timo Nurminen, Head of Property Investment Management.

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Catella: Positive outlook for Nordic real estate markets in 2018

Posted by fidest press agency su martedì, 6 marzo 2018

Record year with transaction volume of EUR 43.3 billion, increase of international investors, positive market sentiment for 2018.The latest overview of the 2018 Nordic investment markets by Catella Research shows that the economic situation supports the positive trend. With a transaction volume of approx. EUR 43.3 billion (2016: EUR 41.9 billion, 2015: EUR 32.8 billion), more properties were traded in one year than in the past 25 years. EUR 3.4 billion was invested by Nordic investors in European real estate outside of the Nordic countries. The core markets are still in focus of investors but second-tier locations are gaining momentum.More findings for the 12 covered markets: The share of international investors has increased in all countries, in some parts particularly strong. The strongest increase is recorded in Finland with 73% in 2017, compared to 31% in the previous year. Denmark also exceeded the 50%-mark, followed by Norway with 43% and Sweden with 13%.Regarding invested asset classes, a certain degree of heterogeneity can be measured. Investors primarily invested in office properties in Norway and Finland, while residential properties were the most popular asset class in Denmark and Sweden. The share of transacted logistics properties is at a similar level however.
With an average office prime yield of 3.50%, Stockholm is the most expensive office location of the North-European cities. The highest yield is once again recorded in the city of Turku in Finland (7.25%).
A similar picture is seen in the retail yields: the lowest yield here is recorded in Copenhagen (3.25%), followed by Stockholm (3.50%). The yield gap between office and retail properties has also decreased in the Nordics and is currently at 18 base points (4.88% office, 4.70% retail) in the twelve observed markets.
“During the course of the year, we expect stable or slightly increasing office rents in almost all North-European markets”, says Dr. Thomas Beyerle, Head of Group Research at Catella. Current frontrunner with a prime rent of 60.60 €/sqm is Stockholm, the lowest recorded value is found in the city of Odense in Denmark (11.20 €/sqm). “Because of the continuously high demand for office space, a slight decrease of vacancy rates can be expected in most cities”, continues Beyerle. View the complete analysis at catella.com/research.

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“Catella Wohnen Europa” jumps to EUR 590 million after 2 years

Posted by fidest press agency su sabato, 3 marzo 2018

Following the acquisition of a building in Wolfsburg comprising 158 residential units for EUR 11.6 million, “Catella Wohnen Europa” has reached an important milestone after only 2 years. With this transaction, the Berlin-based investment manager Catella Residential Investment Management GmbH (CRIM), a subsidiary of the Swedish Catella Group focused exclusively on the residential asset class, has created a diversified real estate portfolio worth over EUR 590 million in the “Catella Wohnen Europa” fund, with 3,000 residential units in five countries across Europe.
“The Catella Wohnen Europa fund is invested in Europe’s core markets, including Spain, Poland and Northern Italy. The focus is on modern, affordable living space with stable cash flows. In this niche segment, we have created a comprehensive EUR 590 million portfolio of value-retaining properties all over Europe,” comments Michael Keune, Managing Director at Catella Residential Investment Management.“Wolfsburg is one of the fastest-growing cities in Germany. Not only has the German Economic Institute ranked Wolfsburg right at the top in its 2016 city ranking, but the Prognos Future Atlas has identified the VW city as having the highest median gross income, at EUR 4,610, of all districts surveyed in Germany. Because of the shortage of living accommodation, around 77,000 people commute to the city on a daily basis. The property is therefore a perfect fit for our European investment strategy”, says Benjamin Rüther, Deputy Fund Manager at Catella Residential Investment Management.The property was built in 1962 and is fully occupied. It comprises around 7,700 square metres of total rental space and stands on land measuring almost 9,300 square metres. It is located in Wolfsburg’s Eichelkamp district, close to the city forest, with numerous shopping and local recreational facilities within easy reach.A total of 125,000 people live in Wolfsburg, making it Lower Saxony’s fifth largest city. Together with Hanover and Braunschweig, it makes up one of the metropolitan regions of Northern Germany. There is quick and easy access to the A2 motorway, which connects Berlin to the Ruhr area, as well as to the motorways leading to Northern and Southern Germany. ICE rail services from Berlin to Cologne and Düsseldorf also connect the city with other parts of Germany. Wolfsburg is home to Volkswagen’s headquarters, the world’s largest automaker.

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Catella and Kriton establish asset management company

Posted by fidest press agency su martedì, 27 febbraio 2018

Catella and Kriton Immobilien GmbH have jointly established the asset management company “Catella Asset Management” (CAM). This is in response to growing demand for advisory services in professional real estate management for national and international investors. The new company will thus offer its extensive expertise also to third parties in the German market for the first time.Catella Asset Management operates in the market as a professional asset management services provider, focusing on office and retail properties as well as buildings earmarked for conversion into residential properties. The emphasis is on properties with potential value-add. The aim is to leverage the long-term earnings potential of properties located in Germany’s high-growth regions through active asset management and to unlock this potential for investors.Henrik Fillibeck, member of the Managing Board of Catella Real Estate AG, explains the decision to establish a separate asset management company: “Kriton has specialised experience in identifying and leveraging the value-add potential of real estate. During the current market phase, high national and international demand for properties in the core segment with fixed long-term rentals has led to a price situation where the risk-return profile of properties with asset management potential is becoming increasingly more attractive. Not only does a regional presence with local expertise offer the opportunity to generate higher returns, it also increases investment security, because the value-add potential is leveraged at the outset for a foreseeable period. In this context, manage-to-core prospects unlock the potential to realise increases in value quickly. A service for third parties is that management fees generate regular income while profit sharing provides performance-related incentives.” “In Catella, Kriton has joined forces with an experienced partner with international activities with whom major single investments as well as large portfolio deals can be realized,” says Andreas Hauff, one of the Managing Directors at Kriton. “Catella supports our approach of applying proactive management, especially for investors without operational activities, by remodelling distressed properties, enhancing their rental potential and reselling them at a profit within a short to medium-term horizon.”Catella Asset Management will be headed by Andreas Hauff and Nicolas Hartel. A joint team of specialists from both founding companies will look after all investor interests in future.
Catella has been operating in the professional real estate market for more than 30 years and has made its name as an investor by specialising in niche segments. Catella, which has around EUR 5.6 million in real estate assets under management, has activities in 14 countries.
Kriton has been an independent real estate investment manager in Germany for the past 10 years. With current assets under management of around EUR 430 million, the Munich-based company has positioned itself in the market as a full-service provider, specifically for institutional investors and wealthy private investors. Through its activities, Kriton has realised value add investments with IRR returns clearly in the double-digit percentage range in the past five years.

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Catella: Positive outlook for German real estate markets in 2018

Posted by fidest press agency su martedì, 23 gennaio 2018

catella10Rising rents, falling vacancy rates, residential climbing to third-strongest asset class, retail under pressure.The latest overview of the 2018 German rental and investment markets from Catella Research shows that the economic situation is supporting the positive trend.The nation is in a very good position economically, with a recent correction of the GDP growth forecast to 2.2% by 2019. The boom is becoming more dynamic due to very good consumer conditions and higher exports rates. Expected wage agreements in the coming quarters lead us to believe that the consumption rate in Germany will be at a very high level for the seventh year in a row.For the next four quarters, Catella Research expects a similarly high uptake of office space, even though the strong focus on CBDs until now is shifting towards outskirts/arterial roads/development areas.We expect:
– A significant decline in vacancies due to strong take-up and refurbishment (including repurposing for residential use).
– A slight increase of prime rents in the new-build/first-time occupancy segment (+1.5%) for 2018.
– Excellent economic growth will be apparent in existing properties, where average rents will increase by approximately 2.5% for new contracts or extensions (after refurbishment).
– A slight decrease in transaction volume due to extended due diligence, a shift towards portfolios, and foreign investors causing significant internationalisation of the market.
– By mid-2018 yields will sink to approximately 3.25% in the top 7 markets because of the increasingly competitive position, premium mark-ups for trophy buildings and portfolios becoming the norm.“No question. The socio-economic signs for 2018 could not be better; the quantifiable risks are included in this,” says Dr. Thomas Beyerle, Head of Group Research at Catella. He continues, “No significant interest rate increase is currently expected, but instead an increasingly competitive market in which the quality of the properties is slightly declining. The boom in residential investments will sustain throughout 2018. By the end of the year, retail could lose its traditional second spot in turnover rankings to the residential segment,” Beyerle predicts.Investments in retail properties will come under strong pressure, and Beyerle expects a price correction. Investors are increasingly seeing short-term leases, even in prime locations, and are faced with structurally decreasing footfall, a lack of innovation, and underestimation of consumer digitalisation.

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CREDI indicates a stabilized credit market, but the future is uncertain

Posted by fidest press agency su giovedì, 21 dicembre 2017

catella10In the December issue of the Catella Real Estate Debt Indicator (CREDI), the Main index increases from 49.8 to 50.3. This is the first time the Main index crosses the 50.0 turning point since September 2015.“In this year’s fourth CREDI survey, we see a stabilized credit market where the Main index increases from 49.8 to 50.3. This is the first time the Main index crosses the 50.0 turning point since the autumn of 2015. Listed property companies have a very positive view of the development of the credit market, which is not surprising considering the strong bond market this past autumn, while banks have a more balanced view of the credit market. Moreover, property companies and banks agree that financing conditions are likely to worsen in the coming quarters,” says Martin Malhotra, Project Manager at Catella.“We are observing a gap in credit availability between the large, well-established property companies and smaller investors who lack a strong track record, and we believe that this gap might increase in the future. Furthermore, we are seeing signs of a repricing of the property market, where properties in the best locations will retain their value, while price expectations will decrease for properties outside attractive locations in the large cities,” says Arvid Lindqvist, Head of Research at Catella.
“We are also observing that property companies increasingly are focusing on bonds instead of preference shares. The most noticeable example is Balder, which during the year has redeemed all of its outstanding preference shares, amounting to nearly SEK 3 billion, while it has issued nearly SEK 20 billion in bonds,” Martin Malhotra concludes.The twenty-first edition of the Catella Real Estate Debt Indicator (CREDI) is attached and can also be downloaded from catella.com/en/news-and-pressreleases/research. 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. This edition also includes an analysis of preference shares and an overview of the property market.

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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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