Third quarter, continuing operations
Nine months, continuing operations
CEO Andreas Philipson comments
“We’re in uncertain economic conditions, with debt turmoil in Europe, while Swedish households have reduced their consumption. But for my part, I’m optimistic because our Stora Frösunda project is a long-term initiative. We’re in an ideal position with a flexible plan, which means that the share of housing and offices can be adjusted, depending on demand conditions. With stable cash flows, we’ve got the opportunity to gradually plan in building starts as we sign up new tenants.
In the third quarter, we’ve made good progress in our work on the zoning plan for our development project at Stora Frösunda in Haga Norra, Solna, Stockholm. During the development planning process, we resolved many issues, and our next phase is consultation by the City of Solna ahead of exhibiting our zoning plan. As a result, we should be able to present the final zoning plan proposal before year-end.
Continued progress in our zoning planning work, and the fact that we’re now starting to approach definitive approval of this plan, has contributed to the positive change in property value in the quarter.”
For information, please contact Andreas Philipsson, President and CEO, tel +46-702097760
N.B. This is a translation from Swedish. The Swedish version shall always take precedence.
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 27, 2011, at 08.00 a.m.
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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