Mr Jesper Bo Hansen, former Managing Director of Capitalforum A/S, will head Catella ‘s Danish activities. He joined Hodgson Elkington in November 2000 to head up the firm’s Building Consultancy. Denmark fits well into Catella’s European expansion and strengthens our leading position in the Nordic region says Stefan Lennhammer, Group Chief Executive of Catella Property Consultants. To Catella, it is equally important to be a strong local partner in all our markets as it is to capitalise on the accelerating internationalisation in the property sector.
Jesper Bo Hansen represents a strong local partner for us who will quickly build the new operation and further reinforce our cross-border business. In Catella, I have found a European group that favours decentralised management yet benefits from international exchange to assure quality services for our clients and product development Jesper Bo Hansen adds. BRED Banque Populaire has transferred its majority shareholding of 98.31 % of capital and voting rights in Locafinanciere, which is quoted on the Paris Stock Exchange, to a wholly-owned subsidiary of the Orion European Real Estate Fund, managed by Orion Capital Management.
Locafinanciere is a property company with a portfolio comprising about 434,000 sq m of property located in France which comprises offices,shopping centres, warehousing and residential space. It also has a small financial sale and leaseback portfolio. Acquired by BRED Banque Populaire in 1998, Locafinanciere took over another property company Frankobail in 1999 and during the same year bought a sizeable property estate with other subsidiaries of BRED Banque Populaire for a sum of 940 million francs. Investors in the Orion fund include Travelers Insurance, a subsidiary of Citigroup, as well as pension funds and international institutions from North America, Europe, the Middle East and Asia.
The investment capacity of the fund is 1,900 million Euros, of which 475 million Euros is in equity capital and the balance in structured debt. Prior to the acquisition of Locafinanciere, the Fund had already made 15 property investments in Europe, notably in France, Germany, Italy and Spain. Following the transfer Locofinanciere will no longer have its banking status, it will eventually withdraw its stockmarket listing and the new management board of the company will reflect the change in the majority shareholding.
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