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Catena AB Acquires Logistic Properties for SEK 3.8 Billion; Issues 13.6 Million Shares to Brinova and Proposes Mr. Gustaf Hermelin as New CEO


Tuesday, 20 Aug 2013 01:32pm EDT 

Catena AB (Catena) announced that it has entered into a conditional agreement with Brinova Fastigheter AB (Brinova) for the acquisition of Brinova Logistik AB, which owns 43 logistics and warehouse properties comprising a lettable area of 655,000 square meters (The Real Estate Portfolio). Catena will gain a new business area through the acquisition of logistics and warehouse properties with a property value of SEK 3.8 billion. The net value of the acquisition, less existing liabilities, amounts to SEK 1,145 million. The acquisition will be financed through a directed share issue to Brinova of 13.6 million shares at a price of SEK 84 each, which is based on the average share price for the Catena share over a period of 15 trading days up to August 20, 2013. Following completion of the share issue, the number of Catena shares will total 25.2 million. The newly issued shares correspond to 54% of the number of shares in Catena following the completed share issue. Brinova has obtained exemption by the Swedish Securities Council from the obligation to make an offer for all of the Catena shares. It is proposed that Brinova's CEO, Mr. Gustaf Hermelin, will become the new CEO of Catena on completion of the transaction, with the intention that Mr. Gustaf Hermelin will exchange his current ownership in Brinova for direct ownership in Catena. Catena's current CEO, Mr. Andreas Philipson, will switch to a new position focusing on Catena's development projects in Solna. 

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