Friday, 5 December 2014
Catella establishes Torslanda Property Investment in Gothenburg (SE)
Catella acted as financial advisor and manager in the creation of the new property company Torslanda Property Investment AB (publ). Torslanda Property Investment has signed a contract to acquire the property Sörred 8:4 in Torslanda, Gothenburg.
In parallel with the property acquisition, Catella conducted a rise in capital that brought the company almost 150 new shareholders.
"This is a good example of the breadth of Catella's expertise in both property and the capital markets. The capital was raised in collaboration between Catella's Corporate Finance, Bank and Fixed Income units, with the aim to provide an opportunity for investors that do not normally invest directly into property. We are seeing continued strong demand for property projects, and we will continue to develop well balanced investment cases for this segment," says Johan Ericsson, Head of Catella's Swedish corporate finance operations.
The property, in the Torslanda area, is a center for Volvo Cars' research and product development. Volvo Cars is also the property's principal tenant under a long-term rental lease. The property has four office buildings with a lettable area of approximately 50,000 m², and two car park buildings with approximately 2,900 spaces.
Once the acquisition is completed, the intention is to list the Torslanda Property Investment shares on the First North exchange at Nasdaq Stockholm. Company CEO Caesar Åfors was previously vice president at Klövern AB. Wilfast Förvaltning AB will be responsible for management of the company and the property. "Torslanda Property Investment combines a good yield with long-term financial stability. The equity placement was heavily oversubscribed and had to be closed early," says Martin Malhotra, the project manager at Catella.