Directed Share Issue to
Catena
Financial AdviserKempen & 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
- 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
- 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
Contact
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Transactions
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Directed Share Issue to
Capital Increase & Spin-out
Global Accelerated Bookbuild Offering
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US Public Offering
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Sale to
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Accelerated Bookbuild Offering
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Mandatory Convertible Bond Offering
Accelerated Bookbuild Offering
Initial Public Offering on Nasdaq
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Accelerated Bookbuild Offering
Capital increase
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Accelerated Bookbuild Offering
Initial Public Offering
on Nasdaq
Initial Public Offering
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Initial Public Offering on Nasdaq
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Capital increase
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Accelerated Bookbuild Offering on behalf of selling shareholders in
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Increase of stake in
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Sale of
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Secondary placement of 35% stake in IOW
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Refinancing
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Acquisition by
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Private placement by acquisition vehicle for French Carrefour
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