Catella has decided to wind up its property advisory operations in Oslo, against a background of weak earnings growth in recent years.
Catella has a strong position in property advisory services in the Nordic countries, and Norway is a prioritised market on which Catella intends to continue offering property advisory services in the future.
During 2012, sales for the property advisory services in Norway were SEK13.5m, which corresponds to approximately one per cent of Catella’s total net sales, and earnings before tax were negative SEK7.3m. During the first half of 2013, net sales were SEK4.2m and earnings before tax were negative SEK4.0m.
“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,” says 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 the intention is to complete these before the end of the year. Clients with projects that cannot be completed before this will be offered alternative solutions.
Catella’s property advisory services operate in 11 European countries and have more than 200 employees.