Catella enters into agreement to purchase landmark building in central Düsseldorf
Catella AB (publ) has, through its subsidiary Catella Project Capital entered into an agreement to acquire Königsallee 106 in central Düsseldorf. Through the agreement, Catella’s ambition is to contribute to the development of central Düsseldorf with sustainability, energy efficiency and modern urban quality in focus. The total investment is estimated to be EUR 250 million and Catella’s share of the project is 23%.
The investment is a major step in line with the company's stronger focus on the property segment within the business area Principal Investments. The strategy is to grow through own investments and co-investments with selected partners, in this case WPV, a pension company managing over four billion euros in the German market.
Catella and its partners will now focus on the detailed long-term improvement plans for this critical 26,000 sqm. asset in Düsseldorf’s central business district.
“We are pleased to enter into this opportunity through our local team Catella Project Management and are honoured to partner with WPV on this landmark transaction. The development, together with the other Principal Investments in Germany, as well as logistic properties in France, Spain and Sweden showcases Catella’s ambition to successfully grow own property investments and partnerships across Europe. To date, nearly SEK 700 million of Catellla’s equity has been invested contributing to Catella’s long term internal rate of return target. We see great opportunities for future partnerships and growing our Principal Investments portfolio across Europe” says Christoffer Abramson, CEO of Catella.
For further information, please contact:
Head of Investor Relations and Group Communications
+46 8 463 33 86