Catella AB (publ) communicated via a press release on October 2, 2019 that, through its associated company Nordic Seeding GmbH, the Company has signed an agreement with the German property developer CG Gruppe AG to divest the Grand Central property development project in Düsseldorf, Germany. The transaction has a total positive effect on the profit after tax of approximately SEK 170 M, which is expected to be reported during the first quarter of 2020. The transaction was previously communicated to be reported during the fourth quarter of 2019. The transaction and value for Catella are unchanged compared to previous communications.
The reason for the shift in the accounting period is that the shares in the project were not transferred to the buyer as of December last 2019, which means, in accordance with IFRS, that the transaction cannot be reported during the fourth quarter 2019.
This information was distributed by Cision http://www.cisionwire.se/