Catena

Joint Global Coordinator & Joint Bookrunner

Van Lanschot Kempen acted as Joint Global Coordinator and Joint Bookrunner in the SEK 3.1 billion Accelerated Bookbuild Offering by Catena

Transaction highlights

Capital increase via accelerated bookbuild offering of 5,487,282 new shares, corresponding to 10% of the company’s outstanding shares prior to the transaction and generating gross proceeds of SEK 3.1 billion (c. €270 million) for Catena
The shares were placed at SEK 557 per share, representing a discount just below 3.0% vis-à-vis the closing price prior to transaction announcement and a discount of only 0.2% to the 10-day VWAP
The transaction was launched following a market sounding exercise that resulted in visibility on indications of interest well in excess of the deal size, with demand from long-only investors only already covering the deal
In addition, ahead of launch, Catena’s second largest shareholder WDP Invest (c.10%) expressed its intention to participate for 10% of the transaction
More than 90% of the demand in the final order book, which was multiple times subscribed for, was sourced from international investors. On top, more than 90% of the shares were allocated to long-term investors, thereby ensuring a solid aftermarket with the share continuously trading above the issue price
Catena intends to use the proceeds to capitalise on acquisition opportunities, such as a contemplated acquisition of a fully let logistics asset of SEK 5bn in Denmark; support the ongoing development pipeline and potential new project initiatives; and facilitate the expansion through exploiting existing building rights, including sustainable energy projects
This transaction demonstrates our continuous ability to achieve attractive pricing in capital increases by European Real Estate companies and clearly underscores 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 30 June 2024, its portfolio consists of 140 logistics properties, primarily located in southern and central Sweden and with a total value of c. SEK 35.9 billion, and a 4.6 million square meter landbank. Its operations take place in the regions of South, West, and East of Sweden, as well as in Denmark.

Background Van Lanschot Kempen European Real Estate

This transaction represents Van Lanschot Kempen’s fifth role as Joint Global Coordinator, Financial Advisor or Bookrunner on a Catena-related ECM transaction in the last four years, raising more than €900 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 eighteenth Logistics Real Estate transaction since 2020. The aggregated deal volume since amounts to c.€5.3 billion, among which:

SEK 10.0 billion of capital increases by Catena
€800 million of accelerated bookbuild offerings by WDP
€150 million accelerated bookbuild offering by Argan
€126 million 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 by CTP

Contact

Catena

Transaction highlights

Company description

Background Van Lanschot Kempen European Real Estate

Contact

Thomas ten Hoedt

Birgit Brekelmans

Ronald Evers