Catena

Joint Global Coordinator & Joint Bookrunner

Van Lanschot Kempen acted as Joint Global Coordinator and Joint Bookrunner in the SEK 2.1 billion Accelerated Bookbuild Offering by Catena

Transaction highlights

Capital increase via accelerated bookbuild offering of 4,660,344 new shares, corresponding to c.9.3% of the company’s outstanding shares prior to the transaction and generating gross proceeds of SEK 2,097 million (c. €188 million) for Catena
The shares were placed at SEK 450 per share, representing a very limited discount of 2.3% vis-à-vis the closing price prior to transaction announcement and a 2.0% premium to the 10-day VWAP
The ABB was launched following a market sounding exercise, primarily targeting international Real Estate specialist and domestic long-only investors, which resulted in visibility on indications of interest well in excess of the deal size, including from two anchor investors
In addition, ahead of launch, Catena’s second largest shareholder WDP Invest expressed its intention to participate pro-rata (10.1%)
95% of the final order book, which was multiple times subscribed for, was allocated to long-term investors, resulting in a very strong aftermarket with the share trading up 2.1% on the day after the ABB
Catena will use the proceeds to accelerate the development of its landbank with a SEK 16.5 billion identified investment potential as well as to capitalise on a SEK 2 billion short-term pipeline of accretive acquisition opportunities, and to facilitate its expansion through new project initiatives, including in sustainable energy projects for at least SEK 500 million in the next two years
This transaction sets a new pricing record in European Real Estate equity issues in the last two years and clearly underscores the continued strong tailwinds in equity capital markets for listed Real Estate companies and Logistics Real Estate in particular

Company description

Catena is a Swedish logistics property company that owns, develops, manages and sells logistics properties. As of 31 December 2023, its portfolio consists of 132 logistics properties, primarily located in southern and central Sweden, with a total value of c. SEK 30.9 billion, and a 4.6 million square meter landbank. Its operations take place in the regions of Gothenburg, Helsingborg, Jönköping, Malmö and Stockholm

Background Van Lanschot Kempen European Real Estate

This transaction represents Van Lanschot Kempen’s fourth role as Joint Global Coordinator, Financial Advisor or Bookrunner on a Catena-related ECM transaction in the last three years, raising more than €650 million of capital for the company. Moreover, it adds to Van Lanschot Kempen’s list of achievements in the European Real Estate Logistics sector. More specifically, this capital increase marks Van Lanschot Kempen’s sixteenth Logistics Real Estate transaction since 2020. The aggregated deal volume since amounts to c. €5.5 billion, among which:

SEK 7.0 billion of capital increases by Catena
€800 million of accelerated bookbuild offerings by WDP
€126 million of accelerated bookbuild offering by Montea
€625 million green loan raise by DHG
€1.2 billion public takeover of Deutsche Industrie REIT-AG by CTP, advising CTP
€480 million of capital increases by Tritax EuroBox
€948 million initial public offering of CTP

Contact

Catena

Transaction highlights

Company description

Background Van Lanschot Kempen European Real Estate

Contact

Thomas ten Hoedt

Birgit Brekelmans

Ronald Evers