The property investment company CTV Properties AB has sold its last asset from the logistic and light industrial portfolio of 29 assets it acquired in November 2016. Catella sourced and structured the original transaction, arranged financing, and has managed the company and its investments. CTV successfully created value for its 93 investors, anchored by Sampo Group, with net IRR of 16 % and Equity Multiple of about 1,6 once the proceeds from the last sale have been delivered to the investors.
“The five years it has taken to deliver these results have been very rewarding and - intensive. Finding optimal usage has been the starting point for our asset level business plans. Reducing the initial vacancy of 28 % to zero required substantial marketing and fit-out activities. We have had continuous discussions with the tenants to meet their changing needs, made substantial investments in improving ESG attributes of the assets, completed two re-zoning projects, and ultimately sold all assets with 26 separate transactions, many of these amidst of the turmoil Covid -pandemic and changing geopolitical environment caused.” Describes Iiro Nurkkala, who has been responsible from Catella’s side for the delivery of the services.
“It has been very rewarding to see how our strategy and co-operation with different units of the Catella organisation has successfully been put into practice. We are looking forward to adding more similar projects where we can add value to the clients through our service offering.” Says Jussi Rouhento, CEO of Catella Asset Management Oy.
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