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Mar 2022
Financial Adviser
SEK 2.17 billion
Directed Share Issue to WDP


Financial Adviser

Kempen & Co acted as Financial Adviser of Catena in the directed share issue to WDP, raising gross proceeds of c. SEK 2,169m and forging a new long-term and strategic partnership

Transaction highlights

  • WDP, through a wholly-owned subsidiary, subscribed to a directed issue of 4,122,676 shares in Catena, obtaining 9.09% of the shares and voting rights in Catena
  • Through the directed share issue, the two parties forge a strategic cooperation to enlarge their geographical coverage to clients, stimulate client integration and share knowhow in pursuit of improved competitive positions
  • The price was SEK 526.00 per share, which represents a premium of 10bps compared to the latest closing price of SEK 525.50, resulting in SEK 2,168.5m or €206.7m in gross proceeds for Catena
  • Catena intends to use the net proceeds to finance investments in property acquisitions, in accordance with recently announced acquisitions, and property development projects whilst maintaining the Catena’s stable capital structure
  • WDP envisages a stake of 10% of the shares and voting rights in Catena in the foreseeable future
  • Subject to decision by the Catena AGM, WDP will obtain a Board seat in Catena, allowing Mr. Joost Uwents, CEO of WDP, to be elected as new ordinary Board member
  • Kempen & Co acted as financial adviser to Catena

Company description

About Catena
  • Catena is a listed logistics real estate company with strategically located properties supplying the Scandinavian metropolitan areas
  • As of 31 December 2021, the properties had a total value of SEK 23.4b
  • Catena is listed on NASDAQ Stockholm, Large Cap, with a market capitalisation of c. SEK 21.7b as per 28 March 2022
About WDP
  • WDP develops, invests and leases storage and distribution space for its own account and always maintains a long-term perspective
  • WDP's property portfolio amounts to around 6 million m² of logistics assets with a fair value of circa €6.0b as of 31 December 2021 and is spread over more than 250 sites at prime logistics locations in Belgium, France, the Netherlands, Luxembourg, Germany and Romania
  • WDP is listed on Euronext Brussels with a market capitalisation of €7.0b as per 28 March 2022

Kempen & Co Real Estate credentials

  • Kempen & Co has advised on more than €125b real estate transactions across 15 different countries in Europe
  • This transaction underpins our leading position in the European logistics real estate sector, following successful transactions including the €1,226m public take-over of Deutsche Industrie REIT by CTP in 2022, the €330m (non-listed) equity raise for Aquila Capital Southern European Logistics Fund in 2022, SEK 1.08b (listed) equity raise for Catena in 2021, €480m (listed) equity raises for Tritax EuroBox in 2021, the €948m Initial Public Offering of CTP in 2021, a €200m (listed) equity raise for WDP in 2021 and the €100m (non-listed) equity raise for the Gateway Fund of Cairn Real Estate in 2020

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