Catella has decided to wind up its property advisory operations in Oslo against a background of weak earnings growth in recent years but said it remains committed to the Norwegian market.
Catella has decided to wind up its property advisory operations in Oslo against a background of weak earnings growth in recent years but said it remains committed to the Norwegian market.
'Norway is a priority market on which Catella intends to continue offering property advisory services in the future,' the broker said in a statement.
During 2012, sales for the property advisory services in Norway amounted to SEK 13.5 mln (€1.5 mln), which corresponds to 1% of Catella’s total net sales. Earnings before tax came to a loss of SEK 7.3 mln. Similarly, net sales amounted to SEK 4.2 mln in the first half of 2013 and earnings before tax came to a negative SEK 4.0 mln.
'We are not satisfied with the performance of the operations in Norway and have therefore taken the decision to close them. We have a strong position in the Nordic region, and Norway certainly remains an important market for us in future,' added Anders Palmgren, head of Catella’s Corporate Finance operations.
Catella's operations in Oslo will be wound up on 31 December 2013. Ongoing client projects will continue as planned, and Catella intends to complete these before the end of the year, or offer alternative solutions.
Catella’s property advisory services operate in 11 European countries and have more than 200 employees.
