The review has resulted in the decision to close down operations in Germany in order to allocate time and resources to develop and strengthen Corporate Finance operations in the other countries.
Catella has begun negotiations on the planned measures with full regard to local legislation and practice. The planned measures are expected to lead to restructuring costs amounting to approximately SEK 20 Million, which will be charged to the first quarter of 2022.
“Corporate Finance is an important and integrated part of Catella that not only contributes positively to Catella's operating profit but also with significant synergies and market intelligence to our other two business areas, Property Investment Management and Principal Investments. While we perform well in markets where we have a relevant market share, we have not achieved the profitability we strive for in Germany. Therefore, we have made the difficult decision to close our operations in order to wholeheartedly focus and strengthen the offer in the markets where we can further consolidate our presence, ”says Christoffer Abramson, CEO Catella.
Germany will remain as Catella’s largest market after the restructuring, through the property funds in Catella Real Estate AG (CREAG) and Catella Residential Investment Management (CRIM) as well as the property development company Catella Project Management (CPM).