Catella raises over EUR 100m from initial tranches of Kefren sale

Stockholm-based adviser Catella Group expects to raise just over EUR 100 mln from the first two days of the auction of the Kefren portfolio which it is holding on behalf of special servicer Capita Asset Services (formerly Barclays Capital Mortgage Servicing).

On the first day of the auction on Monday, the adviser sold 10 buildings at a price averaging 5% above the last valuations, according to Michael Moschewitz of Catella Corporate Finance. The buyers were all local investors, he added.

In total the portfolio consists of 146 properties and is valued at around EUR 450 mln, he said. The assets mainly comprise offices assets, with some warehouse and retail space. Tenants include Ericsson, Volvo and SKF. The rest of the portfolio will be sold over the next two weeks at a Stockholm cinema hired especially for the auction.

Kefren collapsed earlier this year after the company's senior banks decided to revoke their loans and apply for its bankruptcy. Kefren had been in talks with its creditor banks for almost two years. Kefren Properties IX was founded in the autumn of 2006 through the acquisition of a large portfolio from Kungsleden.