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.
Catella Launches New Property Company
Sweden —
Two 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.
2017-10-20
Axel Ohlsson
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