Catella publ : transaction of development project Grand Central completed
August 14, 2020 at 07:38 am EDT
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Catella AB (publ) has, as previously communicated, through its associated companies, signed an agreement with German Real Estate company Consus RE AG (previously operated under name CG Gruppe AG), to divest the property development project Grand Central in Düsseldorf, Germany. The transaction is now completed and will have a positive effect on profit after tax of approximately SEK 155 M during the third quarter 2020.
Consus RE AG has taken over a significant part of the property development project Grand Central in Düsseldorf for their long term oriented portfolio. The project has been developed and managed by Catella's German subsidiary Catella Project Management GmbH which is further on mandated from two family offices for the development of subsidized residential part of the project. Catella AB's investment was conducted through the associated companies Nordic Seeding GmbH and Grand Central Beteiligungs GmbH.
The total effect of the transaction on profit after tax amounts to approximately SEK 170 M, of which SEK 15 M was reported during the fourth quarter of 2019.
This is information that Catella AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at 13.30 a.m. CET on August 14, 2020.
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Catella AB published this content on 14 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 August 2020 11:37:02 UTC
Catella AB is a Sweden-based company active in the financial sector. Its business is divided into two segments: Corporate Finance and Asset Management. The Corporate Finance operations offer financial advisory services in the areas of sales and acquisitions, debt and equity, and valuation and research. The Asset Management offers institutions, companies and individuals financial products and advisory services in the areas of fund management and wealth management. The Company operates through more than 30 offices in Sweden, Denmark, Estonia, Finland, France, Luxembourg, Germany, Italy, Latvia, Lithuania, Norway, Spain and the United Kingdom. It has a subsidiary active in the real estate sector, Link Prop Investment AB, and holds majority stakes in EKF Enskild Kapitalforvaltning AB and IPM Informed Portfolio Management (IPM).
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