Catella invests SEK 500 M to develop a logistic property in the municipality of Norrköping together with the former owners of Royal Design. The transaction is conditional on the granting of building permits.
Catella already has a joint company, Infrahubs AB, with the former owners of Royal Design with the common goal of developing logistics properties that include automated warehouse management processes. As a first step in this collaboration the parties have on a 50/50 basis in the company Infrahubs Entreprenad AB ("IEAB"), acquired a land area of 170,000 square meters and the purpose is to complete a logistics property of approximately 70,000 square meters. The property is fully let to Postnord TPL AB and the lease agreement runs for 10 years. IEAB will run the project with the support of Catella and construction is expected in September 2020.
Catella guarantees the implementation of the lease agreement against Postnord. In the event that additional capital is required to complete the Project, Claesson & Anderzén AB ("CA"), Catella's principal shareholder, have made a free unconditional obligation to invest the required capital in IEAB in exchange for shares in IEAB corresponding to the investment. An investment in accordance with the obligation above requires a general meeting resolution in both IEAB and Catella in accordance with Chapter 16. the Companies Act (the so-called LEO rules), since CA is considered to be a related party to Catella and that parts of the Board of Catella are also shareholders and are members of the Board of CA. The resolution of the general meeting regarding the investment in accordance with Chapter 16. the Companies Act requires that shareholders corresponding to 9/10 of the number of shares and votes represented at the general meeting in both IEAB and Catella decide to approve the investment.
"The deal is to be seen in the perspective that Catella intends to create fund products within logistics properties. We see good opportunities in the logistics segment in terms of returns and future products for our customers." says Johan Claesson, acting CEO Catella.
"Infrahubs is an expert in creating and building warehouses of the future for our customers today. We own, design, build and manage large and efficient logistics facilities for tomorrow's trade and distribution." says Andreas Ekberg, Infrahubs AB
This information was distributed by Cision http://www.cisionwire.se/