Catena divests remaining part of property in Huddinge
Catena has today signed an agreement to divest its remaining holding in the Regulatorn 2 property in Huddinge, south of Stockholm. The location of the property is considered not suitable to the purposes of a logistics warehouse.
2 July 2018, 2:30 p.m.
Catena has signed an agreement to sell the remaining 50 percent of Huddinge Regulatorn 2 AB at an underlying property value of SEK 390 million. The transaction is being conducted as a corporate disposal with the buyer being, as previously, WA Fastigheter AB, which will take possession of the entire property on 3 september 2018. The purchase consideration for the remaining participation in the joint venture amounts to just over SEK 95 million, which correspond with the carrying amount. The transaction is fully in line with the plan that Catena and WA Fastigheter AB had for the property in connection with the first transaction just over a year ago.
The property has more than 45,000 square metres of lettable space and a land area of 62,000 square metres. The annual rental income amounts to more than SEK 32 million and the property is currently almost fully leased. In Catena’s assessment, the location of the property is not suited to logistics purposes in the longer term. The transaction releases funds and resources for Catena to continue focusing on modern logistics facilities in appropriate locations, for both long-distance goods transports and city logistics.
“New purchasing patterns, freight flows and other social trends make certain logistics properties better suited to other purposes. When this happens, Catena divests the property, as in this case, to a responsible buyer, thus freeing up resources for new investments and acquisitions,” comments Maths Carreman, Catena’s Regional Manager in Stockholm.
For further information, please contact
Benny Thögersen, CEO
Tel. +46 (0)706-60 83 50
Maths Carreman, Regional Manager, Stockholm
Tel. +46 (0)730-70 22 12
Catena’s mission is to own, effectively manage and pro-actively develop properties in prime locations that offer the potential to generate a steadily growing cash flow and favourable value growth. Catena’s overriding goal, based on its focused orientation, is to give shareholders a favourable long-term total return. As of 31 March 2018, the properties had a total value of SEK 13,424.2 million.
Catena AB is listed on the Nasdaq Stockholm exchange.
This information is such that Catena AB (publ) is obliged to publish under the EU Market Abuse Regulation. The information was provided by the contact persons mentioned in this press release, for publication at the time stated above.