Catena carries out a directed new share issue of approximately SEK 2.1 billion
Summary
The recent acquisition of the developer Bockasj\xf6 in 2023 further strengthens and supports these endeavors, aligning with the commitment of strategic growth and maximizing returns.In pursuit of attaining net-zero greenhouse gas emissions by 2030, management has also pinpointed potential sustainable energy investment opportunities within the portfolio for at least SEK 500 million in the next two years. The combined ventures are anticipated to yield returns of at least 10 percent Internal Rate of Return (IRR).Use of proceeds of the Share Issue To unlock the potential of valuable investment opportunities identified by management and ensure a well-balanced financial risk profile by building on a strong and flexible balance sheet, the Share Issue is designed to: i) capitalize on appealing acquisitions, ii) bolster the ongoing development pipeline, and iii) facilitate Catenas expansion through new project initiatives, including sustainable energy projects. With these opportunities at hand, management anticipates maintaining an annual pace of value-accretive investments ranging between SEK 2-3 billion over the next three years.The net proceeds of the capital increase are expected to have a pro forma impact of approximately -6 percentage points on loan-to-value (from 37.1 percent to circa 31 percent) and of approximately -1.3x on runrate net debt / EBITDA (from 7.5x to 6.2x) based on the balance sheet as of 31 December 2023.Deviation from the shareholders pre-emptive rights Prior to the Share Issue, the Companys Board of Directors made an overall assessment and carefully considered the possibility of raising capital through a new share issue with preferential rights for the Companys shareholders. The information in this press release may not be announced, published, copied, reproduced or distributed, directly or indirectly, in whole or in part, within or into the United States, Australia, Hong Kong, Japan, Canada, New Zealand, Switzerland, Singapore, South Africa, South Korea, Russia and Belarus or in any other jurisdiction where such announcement, publication or distribution of the information would not comply with applicable laws and regulations or where such actions are subject to legal restrictions or would require additional registration or other measures than what is required under Swedish law. The information was submitted for publication, through the agency of the contact person set out above, at 12 March 2024 23.15 CET.Catena is a listed property company that sustainably and through collaboration develops and durably manages efficient logistics facilities.