Catena is Sweden's largest real estate company focusing on logistics properties, and the company's real estate portfolio is concentrated around Stockholm, Malmö, Göteborg, Helsingborg and Jönköping. The company has a long history in various forms, but the current Catena took shape in 2013 when most of Brinova's property portfolio was acquired through a reverse merger. In 2015, Catena divested a large development property in Solna to Fabege and acquired the property company Tribona, which was consolidated in early 2016.
Catena is the market leader within e-commerce and FMCG properties and focuses on the ongoing structural change with a shift towards faster delivery of products and food. In line with the increase in freight flows, increased trade and e-commerce, the need for modern logistics sites heightens. The group has a great property portfolio and invests around SEK 500m p.a. in property development and new construction.
Around 40% of Catena’s rental value comes from Stockholm and in the region, rental rates for the logistics sector, inflation-adjusted, have basically been unchanged since 1990. This results in a smaller upside in terms of unrealized value changes compared to other real estate segments, but more solid earnings during recessions. All in all, Catena’s real estate portfolio is well diversified, and the main risk is the macro development in the markets in which it operates. Moreover, Catena has a higher focus on property development compared to peers, thus increasing the risk of the company.