Catena carries out a directed new share issue of approximately SEK 3.1 billion | Placera
Summary
The Share Issue was subscribed for by Swedish and international institutional investors, including Warehouses de Pauw SA (WDP), AMF Sm\xe5bolagsfond, Clearance Capital Limited, Ranger Global Real Estate Advisors and Funds managed by Columbia Threadneedle Investments.Background and reasons for the Share Issue During 2024 the Company has successfully made SEK 5.1 billion worth of investments which were concluded in line with its current investment criteria against yields of around 6 percent. Since the capital increase in March 2024, management has successfully deployed SEK 3.0 billion in acquisitions where the acquisition of the state-of-the-art logistics property \xd6rja 1:22 along the highway in Landskrona, south of Sweden constituted the lions share.As disclosed in the press release published by Catena on August 28th, 2024, Catena has proudly announced that it is in advanced stages of negotiations after having signed an LOI with an existing tenant to acquire a newly built, high ESG-profile and fully let logistics asset in Denmark. In pursuit of attaining net-zero emissions by 2030, management has pinpointed potential energy investment opportunities within the portfolio for up to SEK 300 million in the next 18 months.If the contemplated acquisition is realized, it would enable an increased leveraged capacity for annual investments between SEK 1.4 and 1.8 billion.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, the Share Issue is designed to: i) capitalize on appealing acquisitions, such as the contemplated Danish acquisition ii) support the ongoing development pipeline and potential new project initiatives, and iii) facilitate Catenas expansion through exploiting existing building rights, including sustainable energy projects. Considering the above, the Board of Directors made the assessment that a directed new issue of shares with deviation from the shareholders preferential rights was the most favorable alternative for the Company to carry out the capital raising.Since the subscription price has been determined through an accelerated bookbuilding procedure aimed at institutional investors, it is the Board of Directors assessment that the subscription price reflects prevailing market conditions and investor demand. 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.