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CLS sells shareholding in Catena

CLS Holdings PLC exited Catena AB, following the sale of its Endicott Sweden AB unit's entire shareholding in the Swedish property group.

Endicott sold 3,971,349 Catena shares for 340 Swedish kronor apiece through an accelerated book-building process. The shares comprise about 10.5% of Catena's total share capital.

The London-based commercial property group realized a £15.4 million gain, excluding costs, representing a premium on the valuation of its Catena investment as at June 30. CLS plans to use the sale proceeds to invest in office properties in its core markets in the U.K., Germany and France.

ABG Sundal Collier AB was the sole book runner in connection with the placement.

As of Sept. 2, US$1 was equivalent to 9.82 Swedish kronor.