European real estate group Catella has sold the Kaktus Towers residential property in Denmark’s capital to Quantum Immobilien for SEK 2.1bn (€192m).
Kaktus Towers, situated in central Copenhagen, opened to residents in September 2022. The development comprises two towers of 24 and 21 floors, totaling 495 apartments and four commercial spaces.
Catella said the transaction is expected to contribute nearly SEK260m to its shareholders’ earnings before interest and taxes in 2025 after transaction costs.
Daniel Gorosch, interim CEO and president of Catella Group, said: ”Kaktus Towers is a spectacular project that we are very proud of. The fact that we have now reached an agreement for its divestment at attractive levels for both the seller and the buyer is very positive.
“It provides us with increased opportunities for new and interesting investments for growth of assets under management and recurring revenue, aligning with our strategy and creating value for our shareholders.”
Morten Gustafson, managing director, Catella Investment Management Denmark, said: “The development of Kaktus Towers showcases our dedication to sustainable investments and ESG principles, as well as our efforts to promote modern housing concepts that benefits society.
“It also reflects our commitment to creating attractive residential areas that prioritise both individuals and the urban environment. After working on the project from start to finish, it is of course with both immense pride and mixed feelings that we now hand over Kaktus to new owners.”
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