The period January - September
CEO Andreas Philipson comments
The third quarter was characterized by the completion of the zoning plan for our development property in Haga Norra. This process is currently in its final phase where focus has been on a close dialogue with the City of Solna and stakeholders in the local area. We expect that the zoning plan will be approved by the City of Solna before the end of this year.
In parallel with these efforts, the work of identifying commercial tenants to the area continues. This effort is progressing according to plan and we see a steady increase in both interest and attention for our future plans.
The level of activity is still high in the local area with for example the inauguration of Friends Arena this coming weekend. Last week ground was also broken for the building of Mall of Scandinavia which plans to opens its doors in autumn 2015. This adds to the interest in our development property. Haga Norra is centrally located in the new Solna-Stockholm district, which is now merging. The high number and the large size of investments in this area together contribute to our view of Haga Norra as an attractive alternative for both commercial space and housing.
Our operations continued to see stable development. Profit before tax amounted to SEK 19.7 M in the nine month period, compared to SEK 80.6 M for the corresponding period last year. For the third quarter profit before tax was SEK 1.8 M (48.0). The difference in the result is mainly due to higher unrealized value changes in the previous year.
For further information, please contact:
Andreas Philipson, CEO
Tel. +46-70-209 77 60
This information is such that Catena AB (publ) must release it publicly in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released to the public on October 25, 2012, at 08.00 pm.
Catena shall own, effectively manage and actively develop well situated real estate with the potential to generate steadily growing cash flow and healthy value growth. Catena’s overriding objective, based on its focused orientation, is to provide shareholders with a favourable, long-term total return.
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