Profit from property management has risen by 25 percent and our project portfolio has never been larger. Catena has both the capacity and the expertise to continue strengthening our position through further investments.
10 July 2018, 8.00 a.m.
“In accordance with our intentions, we have increased our rental income compared with the second quarter of 2017, largely due to acquisitions and increased net letting. Regardless of whether new production or acquired properties are involved, the objective is to always be present in the country’s most important logistics locations.
Our ambition is to develop additional facilities on an ongoing basis and we have a number of projects that are ready for tenants to move into during the year. Catena has never had such a large project portfolio (SEK 1,337 million) as it does now – and our remaining investment volume in new and existing buildings exceeds SEK 760 million. In particular, the portfolio is growing in digital commerce, city logistics and food distribution, providing confirmation that we are able to meet the new needs that are emerging, attracting industries and businesses with a high rate of change and strong growth.
Good market awareness and new trade patterns are important success factors. For our continued expansion, we also have access to more than 1,700,000 square metres of developable land in strategic locations, and our balance sheet is being further strengthened by ongoing cash flows driven by stable surplus levels and cost-efficient financing. During the quarter, a commercial paper programme was established. This has a framework amount of SEK 2 billion and we have issued commercial papers for SEK 750 million, with maturities of four to nine months and an average interest rate of an attractive 0.39 percent. The programme is covered through backup facilities via property mortgages.
We can now state that logistics properties have become an attractive investment in which there is considerable interest, reflected not least in the trend in Catena’s share price. Our knowledge and dedication are paying off. Ultimately, it is the efforts of Catena’s employees that enable us to deliver attractive solutions, continuously sharpen our offering and continue to strengthen our position as the leading in logistics property company.” Says CEO Benny Thögersen in his comments on the Interim Report.
For further information, please contact
Benny Thögersen, CEO, Tel. +46 706-60 83 50, firstname.lastname@example.org
Peter Andersson, Deputy CEO and CFO, Tel. +46 730-70 22 44, email@example.com