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Stockholm-listed property company Catena has issued 14 million shares to fund the acquisition of a portfolio of logistics and warehouse properties for a net value of SEK 1.15 bn (€133 mln).

The Swedish company, which counts CLS Holdings, Fabege and Catella Fonder as major shareholders, has issued the capital directly to Brinova, the owner of the assets.

As a result of the capital increase, Brinova now owns 54% of Catena's share capital while CLS Holdings, Fabege and Catella Fonder have seen their combined stake decrease from 72% previously to 33% at present.

Brinova’s CEO Gustaf Hermelin is to become the new CEO of Catena.

Catena first announced at end-August that it had entered into a conditional agreement to acquire Brinova Logistik, the owner of the 43 assets which are valued at SEK 3.8 bn. The 655,000 m2 portfolio generates a rental income of SEK 346 mln with major tenants including DHL, the Axel Johnson Group and Green Cargo. Properties are largely located in the Stockholm area, Gothenburg, Örebro, Helsingborg and Jönköping.

Catena, a former real estate unit of Volvo and Bilia, sold the bulk of its property portfolio in 2011 and owned a single major development located in Solna. The project, involving around 70,000 m2 of commercial space and 800 apartments, requires an investment of SEK 4 bn.

'In terms of size and complexity, Catena’s projects in Solna are such that Catena requires a larger capital and competency base to be able to fully capitalize on the project’s value potential. Through the transaction with Brinova, Catena will gain these resources, while an interesting segment of the real estate market will be added to the company,' said Henry Klotz, chairman of Catena's board.

Catella Corporate Finance acted as financial adviser and Nord & Co Advokatbyrå as the legal adviser to Catena in conjunction with the transaction.