Notification of General Meeting

The Annual General Meeting (AGM) of Catena AB (publ) will be held on 25 April 2019, at 4:00 p.m. at the World Trade Center, Klarabergsviadukten 70,

To be entitled to participate at the AGM, shareholders must be registered in the share register maintained by Euroclear Sweden AB not later than 17 April. Shareholders who have registered their shares with a trustee must have temporarily reregistered the shares under their own name not later than the above date. Any such registration should be requested in good time ahead of the AGM at the party holding the shares in trust.

Notification of participation in the AGM must be made not later than 17 April at 2:00 p.m. by e-mail to [email protected]. Notification can also be provided by telephone on +46 (0)730 70 22 22 or by letter to Catena AB (publ), General Meeting, Box 5003, SE-250 05 Helsingborg, Sweden. In the notification, shareholders should provide their name, personal identity number/corporate registration number, address, telephone number, any assistants and the number of shares. Any proxies should be submitted in writing no later than at the AGM. Proxy forms are available at www.catenafastigheter.se and at the head office in Helsingborg. These will also be sent to shareholders on request. It is advantageous for any participant planning to attend with the support of a proxy, certificate of incorporation or other certificates of authorisation to submit such documentation in good time ahead of the AGM to Catena AB.

Table of contents beneath fold-out.

Time and location

Registration

in Stockholm, Sweden.

Entitlement to participate

Notification of General Meeting

Time and location

2018

Annual Report

The Annual General Meeting (AGM) of Catena AB (publ) will be held on 25 April 2019, at 4:00 p.m. at the World Trade Center, Klarabergsviadukten 70, in Stockholm, Sweden.

Entitlement to participate

Registration

We link Scandinavia's cargo flows

Catena Catena in brief	2–3
The year in brief
Improved profit from property management
generates continued strong cash flow	4–7
CEO's comments
Positioned for growth as trade is redefined	8–9
Our market
Strong mega trends drive the need for more
efficient goods flows	12–13
Continued growth in consumption despite
economic downturn	14–17
Property operations
Another strong year for Catena	20–22
Property valuation	23
Organisation and business structure	24–25
Regional development	26–27
List of properties by region	28–29 + fold-out
Important events	30–31
Current earnings capacity	32
Market outlook and appropriation of surplus	33
Funding
Well-diversified financing	36–37
Strong development for Catena share	38–39
Business model
How Catena generates value	42–43
A complete offering	44–45
Active management Continuously evolving property portfolio	46 47–50

Financial information Contents	55
Financial reports, Group	56–61
Notes, Group	62–84
Financial reports, Parent Company	85–87
Notes, Parent Company	88–95
Signing of the Annual Report	96
Auditors' report	97–100

Corporate governance report Chairman of the Board: Responsible governance
builds confidence in continued development	104
Corporate governance	105–110
Risks and opportunities	111–115
Board and management	116–117
Sustainability work
CEO: We take long-term responsibility	120
Sustainable operations	121
Sustainable logistics and societal development	122–123
Sustainable properties	124–127
Attractive employer	128–130
Sustainability Notes	131–135
Overviews and information
Multi-year overview and definitions	136–137
Catena through the year	138
Press releases and glossary	139
Index of diagrams and tables	Fold-out

CATENA IN BRIEF 2 ANNUAL REPORT 2018 | CATENA AB

Catena

Focused business concept

RENTAL VALUE SEK 1,216 million

107 Properties

430 Contracts

metropolitan regions of Scandinavia.

vision – We link Scandinavia's cargo flows.

Clear strategies and objectives

financing.

Driven towards our vision

Catena offers logistics facilities for today's and tomorrow's goods flows adjacent to key transport routes and hubs. Efficient logistics and transport represent an important success factor, providing both financial and environmental benefits. We are developing our part in the chain in close cooperation with our customers and with good knowledge of the market. Our business concept clarifies our mission – We shall sustainably and through partnerships develop efficient logistics facilities that serve the

41 Employees

FAIR VALUE SEK 14,721 million LOANS SEK 8,517 million

Catena's favourable insights into future cargo and goods flows are crucial to our capacity to offer suitable locations, suitable premises and suitable service. The operations are conducted in accordance with a business model according to which property development and active property management are fundamental to generating strong cash flows and an attractive return to shareholders. The model and our approach allow us to develop steadily towards our

With concrete and clear financial targets in its sights, Catena works according to four strategic horizons – property development, customers and market, sustainability and

– this is who we are

Catena's objective is to own, efficiently manage and actively develop well-situated logistics properties that have the potential to generate steadily growing cash flow and good growth in

is to give shareholders a favourable long-term total return.

EQUITY SEK 5,309 million

10 Financing channels

14,350 Shareholders

value. Catena's overriding goal, based on its focused orientation,

Catena's logistics positions

The best logistics locations

offer them an optimal solution.

and 119.

In this year's Annual Report, we highlight seven logistics locations that are significant geographically, demographically and with unique logistical advantages. We also present some of Catena's customers and how we have been able to

You will find the presentations on pages 11, 19, 35, 41, 53, 103

Audited section.

Contents

The year in brief

CEO's comments

Property operations

Our market

Funding

Business model

Financial information

Corporate governance report

Sustainability work

Overviews and information

Audited section.

Chairman of the Board: Responsible governance

Catena in brief 2–3

generates continued strong cash flow 4–7

Positioned for growth as trade is redefined 8–9

efficient goods flows 12–13

economic downturn 14–17

Another strong year for Catena 20–22 Property valuation 23 Organisation and business structure 24–25 Regional development 26–27 List of properties by region 28–29 + fold-out Important events 30–31 Current earnings capacity 32 Market outlook and appropriation of surplus 33

Well-diversified financing 36–37 Strong development for Catena share 38–39

How Catena generates value 42–43 A complete offering 44–45 Active management 46 Continuously evolving property portfolio 47–50

Contents 55 Financial reports, Group 56–61 Notes, Group 62–84 Financial reports, Parent Company 85–87 Notes, Parent Company 88–95 Signing of the Annual Report 96 Auditors' report 97–100

builds confidence in continued development 104 Corporate governance 105–110 Risks and opportunities 111–115 Board and management 116–117

CEO: We take long-term responsibility 120 Sustainable operations 121 Sustainable logistics and societal development 122–123 Sustainable properties 124–127 Attractive employer 128–130 Sustainability Notes 131–135

Multi-year overview and definitions 136–137 Catena through the year 138 Press releases and glossary 139 Index of diagrams and tables Fold-out

Improved profit from property management

Strong mega trends drive the need for more

Continued growth in consumption despite

Catena

Catena – this is who we are

Catena's objective is to own, efficiently manage and actively develop well-situated logistics properties that have the potential to generate steadily growing cash flow and good growth in value. Catena's overriding goal, based on its focused orientation, is to give shareholders a favourable long-term total return.

Focused business concept

Driven towards our vision

Clear strategies and objectives

With concrete and clear financial targets in its sights, Catena works according to four strategic horizons – property development, customers and market, sustainability and financing.

The best logistics locations

You will find the presentations on pages 11, 19, 35, 41, 53, 103 and 119.

3 reasons for investing in Catena

Since Catena chose to focus on logistics properties in 2013, the Company has generated shareholder value with a steady return on equity averaging about 17 percent. In the long-term, Catena's dividends to shareholders should amount to 50 percent of profit from property management after standard tax. The share is traded on the Nasdaq Stockholm exchange, MidCap.

Focused business model adds value

With a focus on strategically located logistics properties adjacent to key logistic hubs, Catena has amassed a particularly deep knowledge of logistics and trade – insights that safeguard Catena's strong position in the market and provide customers with a proactive and ambitious partner.

Project development as value driver

Development and refinement are important components in Catena's overall business model. They create conditions for value growth in the existing portfolio or through completely new construction projects. The large land reserve in strategically important positions is an important prerequisite for growing with new and existing customers.

Strong cash flow provides a stable platform

Maintaining a considerable breadth of customers, several of whom are among the largest distributors in the market, safeguards strong cash flow with a secure and stable base for the Company.

3external factors favouring Catena

The global economy and trade drive demand for improved logistics solutions able to meet needs for efficient flows in an increasingly complex and integrated world market.

Extensive structural changes, with technological innovation as the common denominator, are bringing new consumption patterns. Digitally driven trade brings major changes that increase the need for logistics space, but that also place demands on fast, individualised and climate-smart deliveries. The logistics chain is becoming even more critical, bringing increased demand for modern logistics properties in appropriate locations.

Demographic conditions affects Catena's operations. Urbanisation is driving a concentration of logistics positions closer to the customer and digitally driven trade is established most strongly among younger people, suggesting an accelerating growth rate.

Improved profit from property management generates continued strong cash flow

Active project development, with a higher total project volume than in previous years, underlies the Company's continued growth and strong financial position. Overall, this results in a proposed dividend of SEK 5.75 per share to shareholders.

The year in figures

Rental income increased as a result of contract renegotiation, acquisitions and newly-built space occupied during the year and an improved letting ratio.

The property portfolio grew due to the refinement of spaces and changes in value driven by coordination, well-executed projects and good management work, but also through acquisitions and new construction.

Key share data

	2018	2017	Change, %
Fair value of the properties, SEK M	14,721.1	13,131.1	12.1
Economic letting ratio, %	95.9	94.7	1.3
Rental income, SEK M	1,090.7	892.0	22.3
Surplus ratio, %	75.9	75.2	0.9
Profit from property management, SEK M	571.3	440.1	29.8
Cash flow before change in working capital, SEK M	550.8	418.7	31.6
Pre-tax profit, SEK M	940.1	758.6	23.9
Equity ratio, %	33.2	32.3	2.8
Equity per share, SEK	140.82	122.86	14.6
Net asset value per share, EPRA NAV, SEK	169.53	149.85	13.1
Share price at year-end, SEK	220.50	155.50	41.8

Regions

Profit from property management increased as a result of an improved net operating surplus and relatively lower interest expenses. Fair value, SEK M Total: SEK 14,721.1 M Rental income, SEK M Total: SEK 1,090.7 M Gothenburg 14% Helsingborg 17% Jönköping 8% Stockholm 46% Malmö 15% Gothenburg 15% Helsingborg 16% Jönköping 9% Stockholm 44% Malmö 16%

New tenancies/vacancies

Profit from property management and cash flow before Fair value of the properties change in working capital

Profit from property management Cash flow before changes in working capital

Properties

Over the year, operations were extended by 130,900 square metres, with this being achieved through both acquisitions and project development. The combined value of the increase amounts to SEK 1,291.8 million. To maintain the focus of the portfolio, 13,100 square metres were also divested for a value of SEK 46.5 million.

During the year, SEK 684.3 million was invested in the portfolio – investments that provide increased lettable space, that develop the properties, that help reduce property expenses and that improve the net operating surplus.

The year's property transactions mean that 13,100 square metres of older space were replaced with 96,900 square metres of logistics space adapted for current and future logistics.

significant events during the year 3

Acquisition of logistics property in Morgongåva E-commerce pharmacy Apotea is the tenant at the efficient and the climate-smart facility.

Continued major investments in the Sunnanå and Tostarp Logistics Positions

At both of these attractive locations, adjacent to Malmö and Helsingborg, extensive investments are being made in new logistics facilities as a result of extensive and ongoing site development efforts.

New agreements on acquisitions of strategically located logistics land

With an additional 600,000 square metres of land adjacent to E-City Engelholm and 450,000 square metres of land adjacent to the new Stockholm South, the ambition is to secure strategically important logistics locations that meet the needs arising as flows, trade and consumption patterns change.

SEK

0 10 20 -14 -15 -16 -17 -18

Strategies and operational objectives

Property development

Catena's property portfolio shall continue to grow through proprietary project development and acquisitions that broaden the customer base. Modern, cost-efficient and sustainable properties with stable cash flows make Catena the best alternative for customers, investors and employees. The geographical location is crucial for successful site development, as are a well-considered context and the usage and design of the area and the buildings.

The value of the property portfolio rose by 12 percent over the year to SEK 14,721.1 million. Of the year's increase, proprietary projects accounted for SEK 684.3 million compared with SEK 502.2 million in 2017. The surplus ratio increased from 75.2 to 75.9 percent, approaching the internal target of 80 percent. The improvements are explained by a larger total project volume than previously, lower vacancy rates and significant energy efficiency enhancements.

Read more about property development on pages 47–50.

Clients and markets

Catena strives for long-term relationships with innovative and sustainable customers. Proactive business intelligence providing insights into changing consumption patterns and cargo flows enables Catena to add value in close customer relationships by offering properties that meet ambitious requirements. Catena is an active speaking partner who understands logistics and flows and can challenge from its perspective – with active branding and a digital marketing strategy, Catena's position in the industry is further strengthened.

The average contract period decreased slightly in 2018 but remains high at 5.1 years (5.3). This reflects a high proportion of new properties adapted to customers' operations, providing longer contract periods.

Read more about Clients and Markets on pages 12–17.

Sustainability

Catena is active in developing society through its commitment in priority logistics areas and contributing to a better environment by developing economic and environmentally-efficient logistics locations and energyefficient enhancements in the property portfolio. Catena also strives to be an attractive and responsible employer that attracts dedicated and skilled employees, both new and existing ones.

Both total energy consumption and energy per square metre have increased somewhat compared with the previous year. Despite a colder winter and a warmer summer than normal, we managed to limit the increase to only SEK 1 per square metre, thanks to several major energy efficiency projects.

In the employee survey conducted in December 2018,the eNPS result was +63, which was higher than the +58 achieved in the preceding year and high in comparison with other companies both in Sweden and internationally.

Read more about our sustainability work on pages 120–135.

Financing

Catena shall continuously ensure a stable balance between equity and external capital, while current and future financing is secured on terms that are as favourable as possible.

On the balance sheet date, the average interest rate on interest-bearing liabilities was 2.7 percent, which was 50 points lower than in the corresponding comparison period.

Read more about financing on pages 36–37.

Property value/growth

Surplus ratio

Average contract period

eNPS

Average interest rate

Financial targets
Average capital tied-up The average period during which capital is tied-up should be at least two years.	Comments on 2018 With this target, the Company has secured financing over a period of time that reduces financing risk, while the Company can, at any time, facilitate optimum credit terms for the continued financing of operations. The average period during which capital was tied up amounted to 1.4 years (1.9). During 2019, we expect to increase the period for which capital is tied up.	Year 4 3 2 1 0 -14 -15 -16 -17 -18
Interest coverage ratio The interest-coverage ratio shall not be less than a multiple of 1.75.	Comments on 2018 This level has been set to provide a satisfactory safety margin in anticipation of rising market interest rates, for example. The continued high level from 2017 remains largely unchanged at a multiple of 3.4 compared with 3.5, and is mainly explained by continued efficient property management, an improved letting ratio and low and stable financing costs.	Multiple 5 4 3 2 1 0 -14 -15 -16 -17 -18
Equity ratio The equity ratio should be at least 30 percent.	Comments on 2018 The target is considered well balanced with regard to the Com pany's cash flow. This provides good opportunities for returns with a balanced level of risk in the operations. The equity ratio of 33.2 percent in 2018 was slightly higher than the target of 30 percent and had, on the balance sheet date, risen compared with 2017,	% 40 30 20 10

despite the acquisitions conducted and the dividend paid during the year in accordance with the Company's dividend policy – which was

an effect of strong cash flow from operating activities.

Share performance

Price trend and turnover

During 2018, the share price rose by 38.3 percent (21.0), from the opening price of SEK 159.40 to SEK 220.50. The lowest price quoted for the share was SEK 148.00 on 6 February, and the highest price was SEK 224.50 on 28 December. The exchange as a whole, the Nasdaq Stockholm's all share index OMXSPI, fell by 7.7 percent (6.4) The Carnegie Real Estate Index (CREX) rose by12.9 percent (11.0).

Dividend yield

For the 2018 financial year, the Board of Directors proposes a dividend of SEK 5.75 per share (4.50). This corresponds to a yield of 2.6 percent (2.9).

Total return on the share

The total return on the share was 2018 to 44.7 percent (23.7), which can be compared with the stock market's total index OMX Stockholm GI (including reinvested dividends) during the year, which fell by 4.2 percent (9.8).

Read more about the share on pages 38–39.

Share price trend 1 January 2013 – 28 February 2019 Catena OMX Stockholm PI Carnegie Real Estate Index

-14 -15 -16 -17 -18

1) According to the proposal by the Board of Directors and the CEO.

Positioned for growth as trade is redefined

Best year to date in 2018

Summing up the 2018 financial year, I must say that Catena performed very strongly – the year being our best to date. Compared with the preceding year, we increased our profit from property management by SEK 131.2 million to SEK 571.3 million and, over a three-year period, it has risen by 81 percent. With unchanged resources, we managed to improve almost all of our key performance indicators over the year – the increased profit from property management is reflected in a continued strong cash flow trend, providing us, in turn, with excellent conditions for project development and scope for action as we look ahead.

Excellent conditions for project development and freedom of action as we look ahead.

More people seeing the potential

With our streamlined focus on efficient and sustainable logistics properties and thanks to our ability to analyse how goods flow to, through and from Scandinavia, we have been early to identify strategic logistics positions that serve customers as their needs change in line with patterns of trade and consumption. We have actively chosen to work with trade-oriented customers. Unlike industrial goods and commodities, the goods flows handled at Catena's facilities usually end up with consumers. This imposes particularly stringent demands on logistics solutions, with fast, individualised and climate-smart deliveries being a prerequisite. This also means that we operate in a market that is expanding as it benefits from global trade patterns and the driving forces of online trade. Where there is demand, other players will also seek to enter the market and there are those who aspire to copy the business model that we have worked with purposefully for many years. We could not have clearer proof of the validity of our focus and business model, and this attention further inspires us to be the best and remain at the forefront of what we do – at the same time, we know that we are never better than our latest transaction or customer contact.

Continued growth

Given the strong cash flows that Catena's existing property portfolio generates, we see favourable financial capacity for continued growth, with asset transactions constantly fine tuning our property portfolio. Over the year, we acquired six properties, with the Snesholm 1:16 property, with Apotea as the tenant, being the largest at 38,000 square metres. Our ambition is to continue assessing and implementing acquisitions of additional logistics properties and attractive land. The land reserve of 1.7 million square metres with associated development rights and options is growing and, with the agreements to acquire 450,000 square metres of land at the new Stockholm South logistics location in the municipality of Nykvarn and 600,000 square metres of land adjacent to the e-commerce cluster E-City in the municipality of Ängelholm, we have secured important logistics positions for the future. These spaces provide substantial opportunities for project development and the continued expansion of the property portfolio, which can be activated as demand increases. We perceive an opportunity like this in, for example, our developable land in Törsjö, Örebro – a logistics location that is hard to beat at the demographic heart of Sweden and close to key transport routes in the Nordic region.

Over the year, we also invested approximately SEK 684 million in our existing properties. A great deal is happening at the Tostarp Logistics Position, where we completed Nowaste's 30,400 square-metre logistics warehouse and commenced construction of an additional 11,000 square metres for the same tenant. Outside Malmö at the Sunnanå Logistics Position, Svensk Cater's distribution centre is ready and work is in progress on Chefs Culinar's 7,600 square-metre warehouse and the 36,000 square-metre multi-tenant warehouse.

Developing a site

Our high tempo and intensive project development efforts are possible because we have a clear idea of what we want to achieve at strategic locations. Catena's hubs in the logistic network are being developed as a result of careful analysis and in-depth knowledge of how goods flow. For Catena, site development is a core skill and, in our experience, logistics properties, like offices and homes,

We have a clear idea of what we want to achieve at strategic locations.

add value through well-considered and carefully balanced offerings and clear concepts in terms of both function and design. As physical and digital commerce merge and new goods flows arise, both responsiveness and innovation are needed to capture needs of which customers are perhaps as yet unaware.

A sustainable approach builds commitment

Most of what we establish are newly-built premises or conversions. This facilitates provision of a product that is fully optimised for our customers and better conditions for a favourable return. Taking a long-term perspective on the property portfolio is favourable, both financially and in reducing our ecological footprint. Our development projects facilitate balanced and sustainable urban development and community planning in which both the logistics network in general, as well as the individual property, better meet our customers' current and future needs.

At Catena, we are proud of the close relationship we have with our customers and the opportunities this affords us to share important insights that can strengthen their operations in the long term. This trust is not achieved automatically but derives from Catena maintaining a team of skilled and committed employees who constantly strive to exceed expectations, who always take that extra effort and who dare to be innovative. With that approach and a very good year behind us, we enter 2019 stronger than ever.

Helsingborg, March 2019 Benny Thögersen, CEO

ANNUAL REPORT 2018 | CATENA AB 11

The Öresund region has a significant population base and Malmö forms part of Greater Copenhagen. Very good infrastructure and access to new logistics spaces in Norra Hamnen, with cooperation with the Port of Copenhagen through the company CMP, binding the region together. Established programmes in transport and logistics at an academic level are offered at Malmö University and Lund University's Faculty of Engineering. Copenhagen and Malmö airports with numerous cargo flights also contribute to the uniqueness of the location.

It is said that Sweden's southernmost region, Skåne, feeds half of the country – it is Sweden's breadbasket and with both substantial imports through agents as well as local production, food logistics are of particular importance here.

10Ranking of the logistics location in 2018, Intelligent Logistik.

"We are pleased to be taking this step, moving into a modern and resourceefficient logistics property, as a stage in establishing our operations in the Swedish market. The location of the property allows us to maintain flexibility in our customer offering and to support local food production in our sales channels in a highly innovative market."

Marcus Ahlm, Chefs Culinar.

Chefs Culinar expands with establishment in Sunnanå Chefs Culinar is a family-owned restaurant wholesaler with operations in six European markets.

In Sweden, the company has been a total supplier for restaurants, cafés and caterers in the southern part of the country for the past three years, and it has producers and suppliers both in Sweden and abroad.

In the municipality of Burlöv, just outside Malmö, at the Sunnanå Logistics Position, construction of a 7,600 squaremetre distribution centre commenced in 2018, which will support Chefs Culinar's expansion into the Swedish market. The building will include warehouse section for both imported specialities, and chilled and frozen foods.

The Sunnanå Logistics Position has the best possible location, with a direct exit from main road 11 and just a further 300 metres to the exit from the E6/E20 motorway. Chefs Culinar, which is expected to move into the property in the spring of 2019, will also have opportunities to expand its operations on the property.

Other properties nearby owned by Catena:

At the Sunnanå Logistics Position, Catena has invested in and constructed properties for other fast moving consumer goods (FMCG) companies, such as Svensk Cater, as well as for DHL, DS Smith and Lekia. In Arlöv, just outside Malmö, Catena hosts another FMCG cluster with customers such as Espresso House and Mathem.

Strong megatrends drive the need for more efficient goods flows

The development of faster, better and smarter logistics is driven by global currents such as increasing urbanisation with more and more people in our urban areas, new purchasing patterns, an increased focus on climate and the environment, and technology development that allows for better transparency and efficiency.

Faster

Today's consumers do not want to wait, but rather demand their goods immediately. In some major cities, consumers can already receive their goods on the same day they placed their order. Shorter delivery times can also reduce the retailers' expenses for stock, capital and obsolescence.

Better

With deliveries to both retailers and consumers, it is important to deliver attractive products that can in a controlled manner be delivered flexibly, efficiently, rapidly and precisely. New consumption patterns force retailers to broaden and continually update their assortments without needing to increase capital tied-up with increased stock and warehouse space in expensive city locations or to burden their margins with increased costs associated with this and other items such as increased obsolescence. Technological development and increasing e-commerce also give suppliers great opportunities to improve consumers' purchasing experience in different ways. For example, through convenience, transparency and design, which in various ways are crucial to the future success of the retail trade.

Smarter

Smarter means new innovative solutions for the frequent and flexible distribution of goods with continual costsavings and reduced environmental impact. A fundamental aspect throughout the chain is the right mode of transport and full capacity of load carriers.

The cost and environmental impact of the distribution of goods to consumers, relative to both the product price and its carbon dioxide emissions, are generally relatively marginal up to the final transport. Therefore, the highest margin benefit is derived from "Last Mile Logistics", that is, when the goods are to be distributed to the store or directly to the consumer. It is then that the number of traffic movements, and hence the cost and environmental impact, sky-rocket.

Specialised properties in strategic locations

Faster, better and smarter logistics with frequent and flexible deliveries allow consumers to receive the goods they have ordered quickly and, if necessary, to also return them quickly, as changes in demand build on modern logistics facilities for efficient cargo flows.

Efficient goods flows are based on large, strategically located terminals adjacent to the most important transport routes designed for same day transshipments of large quantities of goods and products. This makes it possible to exploit the advantages offered by mixed-load global container transports of large volumes.

Efficient goods flows also build on large regional logistics warehouses, which acts as hubs in efficient distribution solutions. There, cargo and goods can be handled and

LogistikTrender

2019

The logistics

revolution

9 May

Dunkers Cultural Centre

Helsingborg

stored safely and efficiently for shorter or longer periods before delivery to retailers or distributors.

The distribution centre collects goods in larger shipments from different units or suppliers, breaks these shipments down and compiles packages of smaller volumes of several different products. Increasingly, efficient goods flows also build on efficient city logistics, for the final leg to smaller, centrally located shops, or Last Mile Logistics to end-customers. City logistics facilities are usually located on the outskirts of urban areas or centrally in costefficient but functional spaces, for example underground or near multi-storey car parks. The facilities are equipped for immediate combined deliveries of general cargo of different types from different suppliers, so that the goods can quickly be available in the shops where there is demand. City logistics can be expanded with service-oriented logistics hubs for delivery to pick-up points or directly to consumers.

Better, faster and smarter logistics also involve automated logistics facilities. These improve the flow of goods, reduce handling and picking costs and utilise available storage space optimally. In turn, immediate access to inventory balances and increased control over the availability of goods in different locations provides opportunities for frequent and flexible transports with fully loaded vehicles.

Strong megatrends drive the need

for more efficient goods flows

Benny Thögersen, CEO [email protected] Contacts

As the leading company in logistics properties, Catena monitors, analyses and debates current logistics trends in various ways. It is an important part of the Company's work to drive development and build ever better logistics facilities that can secure society's goods flows. An appreciated meeting place for new knowledge and inspiration in the area is the Logistics Trends conference that Catena arranges each year. The 2018 event was fully booked a month in advance and in focus on the day was the digital goods flow, which is developing at a furious pace and changing what trade and logistics will look like in the future.

See more from LogistikTrender 2018 at www.catenafastigheter.se

Anna Felländer – Senior Adviser, BCG, Swedish Government Digitisation Council, Royal Institute of Technology – explained threats and opportunities associated with artificial intelligence.

Paul Svensson – TV chef and food waste ambassador – explained how logistics plays a role in meeting the UN's goal of halving food waste by 2030.

Continued growth in consumption despite slowing economy

Although, according to the December 2018 forecast from the National Institute of Economic Research (NIER), the Swedish economy is heading into a slacker phase, the strong economic trend is expected to continue over the next two years. Approved tax cuts will contribute to real disposable income continuing to increase in 2019. All in all, it is expected that household consumption will increase roughly in line with income in 2019.

The Swedish economy is performing well, largely because international performance is also good. According to a report by the National Institute of Economic Research (NIER), Swedish GDP grew by 2.2 percent over 2018 as a whole. Although the labour market remains strong, employment is expected to rise more slowly in the future. Unemployment has bottomed out and is expected to end up at about 6.5 percent for 2019 and 2020, according to NIER. The SEK is weaker than it has been for a very long time, benefiting Swedish exports. CONSUMPTION AND GOODS FLOWS

The scope for consumption remains relatively intact, although households took a more cautious approach in the second half of 2018, largely as a result of the Riks-

Retail development was somewhat of a roller coaster in 2018. A strong start was superseded by a few weak months in the summer that transitioned into a more stable progression during the autumn, corresponding to a full-year growth forecast of 2.5 percent (HUI, December 2018), and the economy continues to show resilience. At the same time, the strong economic trend conceals imbalances, with the consequences of a further slow-down in housing construction being one of several major question marks. GROWING RETAIL

HUI continues to emphasise the importance of the structural transformation in retail, with a rapid wave of bank's (Swedish central bank) interest rate hike at the end of the year.

It is hoped that exports will take over the rudder as housing construction and domestic investment slow down. Having slowed down in 2018, Swedish exports are expected to increase somewhat faster in 2019, according to NIER.

Every day, approximately 750,000 tonnes of goods are transported to consumers and companies around Sweden. According to a study of goods flows by the Swedish public authority for traffic analysis, Trafikia, the total weight of departing freight consignments amounted to 264 million tonnes in 2016, corresponding to a value of SEK 2,126 billion. Nearly 70 percent of the total weight consists of

digitisation redrawing the entire trading landscape. The structural transformation of trade is continuing – with rapid digitisation driving increased competition and growth in e-commerce globally. Many of yesterday's business models are not adapted to this trend. Physical trade is under pressure from the aforementioned, with lower flows and eroded profitability. Between 2005 and 2016, traditional retail trade lost 14 percentage points of its share of sales to digitally driven trade and markets.

Although trade in durable goods remains steady at the overall level, it is confronted with the ongoing structural transformation and the challenges facing the housing

For e-commerce, 2018 was a historic year. Growth was measured at 15 percent compared with 2017. That was an increase of SEK 10 billion, with e-commerce sales totalling SEK 77 billion in 2018. E-commerce accounted for 9.8 percent of total retail sales in Sweden, which can be compared with 3.0 percent in 2007. HISTORIC YEAR FOR E-COMMERCE

Regarding trade in durable goods, 2018 was to become a significant milestone for growth in e-commerce as, according to Statistics Sweden's preliminary figures, e-commerce accounted for all growth in trade in durable goods and even took some shares of sales from physical

shops. PostNord/HUI's forecast for 2019 is that e-commerce will grow by 14 percent, amounting to SEK 88 billion.

The products most commonly purchased online (39 percent) are still fashion items, which have topped online sales for many years, followed by the beauty and health segment at 32 percent and media products at 27 percent. Among the fastest growers in 2018, development was strongest in FMCG, furniture and sporting goods.

Online consumers impose strict demands with regard to service, with more than eight out of ten consumers considering it important to choose how a product should transports within Sweden, while the remaining 30 percent consists of foreign transport.

Shipping is crucial for products and goods being able to leave and enter Sweden, while road and rail transport contribute to delivering those goods to consumers and companies. Road transport is the dominant mode of transport for domestic consignments in terms of weight and value, about 84–85 percent according to Transport Analysis. Although this development is natural given the build-out of the road network over a long period of time, much of this traffic could be reloaded to rail using container terminals. Sweden's container terminals are like the spider in the web and form an important link in the efficient functioning of logistics flows.

market, which risk causing people to hold on to their money more tightly. FMCG trade is rising steadily, benefiting from growth in the restaurant industry having abated somewhat compared with recent highs. E-commerce is continuing to increase. Sales of food products are growing most, increasing by 30 percent. The only sub-sector to grow by only a single-digit number (6 percent) was books/media.

0 1 2 3 4 5 % -14 -15 -16 -17 -181) 0 1 2 3 4 % -14 -15 -16 -17 -181) Household consumption expenditure, excl. HIO GDP fixed prices, percentage change

Retail trend, current prices

be delivered. It is also of great importance for online retailers to have procedures for returns that meet consumers' expectations, with 11 percent of Swedish consumers having returned goods and 87 percent considering clear information on returns to be important.

CONSUMPTION AND GOODS FLOWS

GROWING RETAIL

HISTORIC YEAR FOR E-COMMERCE

Stable rental market

As the cargo flow increases, retailing increases and particularly e-commerce increases, the need for modern well-situated logistics spaces is growing. From an international perspective, Sweden has high rent levels for warehouse and logistics properties, attributable to higher building costs and limited speculative development. Despite the limited supply of space, development in rent levels has been weak, particularly in the regional towns. Closer to the metropolitan cities where the availability of land is limited, an increase in rent levels can be discerned. Rent levels for newly produced homes are determined largely by the costs for land and production. Even looking ahead, rent hikes are generally expected to be limited by the considerable supply of developable land and stable production costs, but also by strong competition among contractors and project developers for new assignments in the segment. However, increasing differentiation can be discerned. The rent for well-placed terminals as well as e-commerce warehouses and specialised premises for e.g. food, for which demand is also high, is somewhat higher than for warehouses. In Stockholm, as well as both in and around other major cities, the supply of developable land is decreasing compared with the rest of the country in pace with increasing residential construction, for example.

Labour costs are also generally higher there, driving up rents for newly produced spaces in attractive locations. The tendency is therefore to establish warehouses strategically, but further away from the centre of the major cities. The share of railway transports in the overall logistics mix is also expected to increase, due to increased environmental focus. The government declaration states that more long-distance freight is to transfer from road to rail and maritime transport. This places demands on better access to container terminals where cargo can be moved between rail and road, for example. Larger logistics warehouses can be supplemented with local distribution terminals. The trend is towards larger distribution centres that serve increasingly large areas, as European infrastructure improves and transportation times decrease. On the other hand, distribution centres for food and other fast-moving consumer goods that require frequent deliveries are located a little more densely and closer to retailers and consumers.

Accordingly, such facilities are decreasing and can be combined with city logistics in omni-facilities. There, located in close proximity to residential areas, e-commerce functions can also be placed for distribution directly to end customers or through delivery points.

Economic letting ratio

SEK/sq.m. 800 Average rent levels

Customers

The sector's customers include logistics companies to whom producers and wholesalers outsource their logistics function through so-called third-party logistics.

The largest companies in the area are, to name a few, DHL, PostNord, Schenker, DSV, Bring and Green Cargo, which covers the entire country with primarily rail traffic. The sector's customers also include producers and suppliers who handle their logistics in-house in their own or leased premises. This is particularly true of heavy industries such as Volvo and Electrolux as well as large retailers like ICA, Axfood and IKEA and e-commerce companies such as Boozt, Dustin, Mathem and Mat.se.

Other companies, logistics properties

A small number of property companies specialise in logistics properties. In addition to Catena, the larger Swedish listed companies include Sagax and Corem, which also have premises for light industry. Some of the established property companies have increased their focus in the logistics segment. Castellum, Fast-Partner and Stendörren are all companies that have increased their share of logistics properties. Privately owned Bockasjö and Kilenkrysset and international companies ProLogis and Goodman also operate in Sweden. In addition, Logistic Contractor develops and builds logistics facilities.

Larger players in warehousing, industry and logistics, space, sq. m.

Catena, 1,792.5 Catena shall sustainably and through partnerships develop efficient logistics facilities that serve the metropolitan regions of Scandinavia.

Sagax is a property company with the business idea of investing in commercial properties, mainly in the warehouse and light industry.

Source: Websites.

Active investment market

There is a clear increase in demand for new warehouse and logistics properties, which is a sub-segment of the larger property market. Between 2015 and 2017, more than half a million square metres of warehouse and logistics space have been newly produced. In 2018, more than 600,000 square metres of space was completed.

We see no signs of new production decreasing in 2019. In particular, demand for parcel handling terminals is expected to increase steadily over a five-year period. The market has been undergoing a structure change since the beginning of the 2000s. Previously, the portfolio was largely owned by the companies using the premises, but a consolidation of ownership is now under way. Warehouse and logistics properties have gradually become a property segment in which institutional players also want to have indirect or direct exposure.

The logistics and warehouse market continues to be characterised by a wide spread with respect to such parameters as ownership, size, modernity and efficiency. This means that most institutional investors still have a smaller allotment, particularly of logistics properties, than the segment's portion of the total commercial property stock.

Transaction activity in the segment has increased since the financial crisis in 2008–2009, when the level of activity in the property market was generally low. In 2012 and 2013, total transaction volumes approached the levels noted in the years preceding the financial crisis. In terms of transactions solely involving warehouse and logistics properties, the volume decreased from approximately SEK 16 billion in 2017 to around SEK 11 billion in 2018. The average for the 2010s is SEK 8.6 billion. In 2018, Hemfosa acquired a major property portfolio of approximately 460,000 square metres, including offices, warehouses and logistics properties, for SEK 3.6 billion. The seller was Sveareal/Starwood. In addition, Pareto company Halmslätten, for example, acquired two properties from Axfast for a value of nearly SEK 1.1 billion. Through two property sales, with 55,000 square metres being sold to NRP Fund VIII and 48,000 square metres being sold to Arctic, Logistics Contractor sold properties for approximately SEK 1 billion.

Helsingborg ranks as one of Sweden's five best logistics locations. The Helsingborg logistics location has very good infrastructure, with Sweden's second-largest container port, as well as large and wellsituated container terminals. The country's leading fruit and fresh produce cluster is also located here, with a large population base in the Öresund region and a good location for reaching Denmark and Germany. The E4 and E6 motorways divide at Helsingborg and it is also, to a large extent, the gateway to the rest of Sweden. The regional business cooperation within the 11 "Helsingborg Family" municipalities and skills initiatives in packaging and return logistics at Campus Helsingborg further strengthen the location.

ANNUAL REPORT 2018 | CATENA AB 19

4 Ranking of the logistics location in 2018, Intelligent Logistik.

"We are growing organically and by securing additional assignments, and we want to create the logistics conditions that our customers need to be able to grow. We can achieve all of this in Tostarp!"

Christian Hallberg, Deputy CEO, Nowaste.

Unique design and environmental thinking as Nowaste grows in Helsingborg

Nowaste Logistics is a leading third-party logistics company with major clients, including Sweden's largest fruit and vegetable company, Everfresh, the Bolist DIY chain, food company Atria and furniture company Trademax.

On 1 September 2018, Nowaste moved into its new logistics warehouse at Tostarp, adjacent to the E6 and E4 motorways just outside Helsingborg. Catena constructed and owns the building, which has an area of 30,400 square metres. An exciting façade design with a runic inscription in large-patterned stretch metal meets the drivers passing on the motorway. The logistics warehouse has been constructed in accordance with the Green Building standard and a special heating solution has been selected in which air energy and geothermal energy are combined for optimum results. The facility gives Nowaste the opportunity to optimise its business and eliminate unnecessary processes by means of, for example, self-driving forklifts. Immediately adjacent, an additional logistics facility of approximately 11,000 square metres, is being built for Nowaste, of which 1,250 square metres will be a 20 metre-tall high-bay warehouse. In total, Catena invested SEK 101 million in this third stage at the Tostarp Logistics Position, which is expected to be ready for occupancy in November 2019.

Other properties nearby owned by Catena:

The E-city e-commerce cluster in Ängelholm with Boozt's robotically controlled e-warehouse, for example, received the 2017 Logistics Establishment of the Year award.

Another strong year for Catena

For Catena, 2018 was another strong year. Prioritised ongoing project development, supplemented by strategic transactions, continues to increase and refine the portfolio of attractive logistics facilities at established locations. Together with active management, this is improving the letting ratio. The increased surplus ratio combined with more favourable financing generates profit from property management which, as planned, amounts to at least half the rental income. In principle, this profit from property management also constitutes the Company's cash flow before changes in working capital.

The property portfolio

On 31 December 2018, following transactions and property settlements, Catena's property portfolio comprised 107 logistics properties (109) located along important transport routes and population centres mainly in southern and central Sweden. The total lettable area amounted to 1,792,500 square metres (1,661,600). The total rental value amounted to SEK 1,216.1 million (1,109.9) and contractual annual rental income totalled SEK 1,166.7 million (1,051.4). Following active leasing efforts, the economic letting ratio increased to 95.9 percent (94.7).

Project development

Catena has an express ambition to grow, primarily through new construction. Accordingly, the Company has a portfolio of developable projects. On the Company's own books, these include the Norra Varalöv 31:11, Sothönan 3, Sunnanå 12:52 and Plantehuset 3 properties, as well as the jointly-owned Törsjö 13:2 properties and others, as well as significant expansion opportunities at many of the Company's other properties. In total, the land reserve amounts to 1.7 million square metres (1.7). The project portfolio also includes acquisition options for strategically located projects that have reached different stages, ranging from rent negotiations to detailed planning, in all of the regions where the Company operates. This includes the conditional acquisitions of part of the Ånsta 1:1 property, referred to more commonly as Stockholm South, and the Kärra 1:9 property in the municipality of Ängelholm. The largest ongoing project in 2018 was the Plantehuset

3 property at the Tostarp Logistics Position in Helsingborg, where Catena has erected a 30,400-square-metre logistics warehouse for Nowaste. In addition, construction began of an additional 11,000 square metres of logistics warehousing for the same tenant. At the Sunnanå Logistics Position outside Malmö, Svensk Cater's distribution warehouse was completed.

Work also continued there on Chefs Culinar's 7,600 square-metre distribution centre, as well as the construction of a 36,000 square-metre multi-tenant warehouse. At the Mappen 4 property in Linköping, a new warehouse of slightly more than 6,000 square metres was completed, with Bring, Pågen and ICA having moved in. At the Björröd 1:205 property in the Municipality of Härryda, Cramo has now moved into its new 3,400 square-metre logistics warehouse.

Read more about Catena's projects on pages 47–50.

A complete list of properties is given on pages 28–29 + fold-out.

Income and rent

Rental income increased by slightly more than 22 percent to SEK 1,090.7 million (892.0), mainly as a result of acquisitions and completed projects. Despite the increased area, the letting ratio increased to 95.9 percent (94.7). This is a result of strategically placed logistics facilities and focused leasing efforts. Income from contracts with terms of more than three years accounted for approximately 67 percent (68) of Catena's contracted annual rent. This entails stable income with no appreciable variation

The property portfolio per region, SEK M

Gothenburg, 2,114.9 Helsingborg, 2,564.6 Jönköping, 1,109.6 Malmö, 2,220.3 Stockholm, 6,711.7

between periods, except in connection with acquisitions and sales. The average remaining lease period is approximately five years.

Letting and occupancy

During the year, 60 tenants entered into new contracts with a total area of 73,700 square metres. The contract value for new tenancies was SEK 58.2 million (194.5), while that for discontinued tenancies ended up at SEK 18.5 million (133.1) for 74 terminated contracts with a total area of 26,800 square metres. This entails a net increase in new tenancies at a value of SEK 39.7 million (61.4).

Lease structure

The contract portfolio is long term and tenants consist primarily of large, secure and well-established logistics, industrial and commercial companies. This lessens the risk of losses driven by customers' insolvency. At 31 December 2018, Catena's ten largest tenants accounted for 43.9 percent (44.2) of the Group's contractual rental income.

The leases for these ten tenants expire within one to 15 years. On the balance sheet date, the average remaining lease term remained stable, although it decreased slightly to 5.1 years (5.3). The table to the right shows Catena's largest customers. However, it is worth noting that many of the companies are represented by a number of local decision-making units.

A table showing the maturity structure of the leases is presented on page 57.

Net operating surplus and surplus ratio

The net operating surplus, that is, rental income less property expenses and property administration, increased by slightly more than 23 percent over the year to SEK 827.6 million (671.2).

This is primarily a result of the increased space, the improved letting ratio and efficiency improvements, not least in the area of energy. Among other things, Catena has continued to invest in energy-saving technology, more sustainable heating and better lighting and ventilation systems. Increased letting has also led to reduced media costs for the properties in pace with tenants taking them over, since media costs for vacant premises are paid by the property owner.

Partly due to a snowy winter, property expenses rose by slightly more than 19 percent to SEK 263.1 million (220.8), although most of this is due to the larger property portfolio. In summary, the surplus ratio increased from 75.2 to 75.9 percent.

There are seasonal variations in the operation and maintenance of properties. Winters with much cold and snow entail higher costs for heating and snow removal. A hot summer can mean increased expenses for cooling. These variations are offset, to some extent, through onward invoicing of expenses to tenants.

Profit from property management

Profit from property management, meaning the carrying amount from profit with reversals of changes in value and tax, increased compared with the previous year by SEK 131.2 million, or 30 percent, to SEK 571.3 million (440.1). Prominent reasons for the improved profit from property management are an increase in the portfolio and a higher letting ratio.

Profit from property management was also positively affected by a decrease in financial expenses during the year relative to the increased volume of properties. These amounted to SEK 238.6 million for the year (213.2). In addition to the larger property portfolio, the increase in financial expenses is due primarily to the reorganisation of swaps implemented in the first quarter of 2017, which, at that time, affected financing expenses positively by SEK 16.6 million as a non-recurring effect. Adjusted for the

gement and cash flow before changes in working capital

previous year's reorganisation of swaps, financial expenses, increased by 4 percent, while the loan volume has increased by 13 percent. Compared with 2017, Catena has lowered its average interest rate by 0.5 percentage points to 2.7 percent (3.2).

Read more about financing on pages 36–37.

Profit for the year

Profit for the year increased by almost 30 percent to SEK 823.4 million (634.7), which was SEK 188.7 million higher than for the preceding year. Changes in the values of properties and goodwill were SEK 41.1 million higher than in 2017. Changes in the values of derivatives were SEK 9.2 million higher than in the preceding year, as an effect of long-term market interest rates increasing over the year. The unrealised changes in value are of an accounting nature and do not affect cash flow.

On 14 June, the Riksdag (Swedish Parliament) adopted new tax rules for the corporate sector, entailing among other things, a reduction in corporate tax in two steps to 21.4 percent as of 2019 and to 20.6 percent as of 2021. The decision entails a reduction of the year's tax expense by SEK 79 million relative to tax calculated according to the current tax rate of 22 percent, due to deferred tax assets and liabilities being valued at these new, lower tax rates.

Read more about profit for the year on pages 56–57.

Development of property portfolio

In recent years, the property portfolio has gradually been replaced in favour of modern, sustainable logistics and developable land with increased potential for further improved profit from property management.

SEK M	Fair amount	Number of properties
Property portfolio at beginning
of year	13,131.1	109
Acquisitions*	607.5	4
Investments in existing properties	684.3
Sales	-46.5	-3
Translation difference, etc.	15.6
Property regulations, etc.	0.0	-3
Unrealised changes in value	329.1
Total investment properties	14,721.1	107

* Property value after deduction of deferred tax and with addition of trans action expenses.

Acquisitions

In order to increase the business volume, strengthen the Company's positions in central logistics locations, broaden the customer base and develop the concepts within e-commerce, omni warehouses and food logistics, Catena acquired six properties during the year, of which two were merged into existing properties, with a total area of 96,900 square metres at a total fair value of SEK 607.5 million (1,960.6).

Investments

Continual investments in existing properties have been made for SEK 684.3 million.

The largest ongoing project is at the Plantehuset 3 property at the Tostarp Logistics Position in Helsingborg, where a 30,400 square-metre logistics warehouse has been completed for Nowaste. New construction of 11,000 square metres of logistics warehousing for the same tenant has also begun. At the Sunnanå Logistics Position outside Malmö, Svensk Cater's distribution centre has been completed. At Sunnanå, the investments in Chefs Culinar's distribution warehouse, as well as a 36,000 square-metre multi-tenant warehouse, have continued. At the Mappen 4 property in Linköping, work on a new warehouse building of slightly more than 6,000 square metres has been completed for Bring, Pågen and ICA.

At the Björröd 1:205 property in the Municipality of Härryda, Cramo has now moved into its new 3,400 square-metre logistics warehouse.

Disposals

During the year, three properties with a total area of 13,100 square metres and a carrying amount of SEK 46.5 million (419.9) were divested with the purpose of refining the Company's portfolio of attractive logistics properties that Catena no longer considers strategic.

Unrealised changes in value

The unrealised changes in value of Catena's properties have arisen as an effect of coordination, well-executed projects and good property management work. In 2018, these amounted to SEK 329.1 million. This corresponds to slightly more than 2 percent of the value before adjustment.

Read more on property valuation on page 23.

Related party transactions

This year's earnings include minor related-party transactions with Hansan AB.

Property valuation

Clear guidelines and precision linked to well-functioning procedures engender conditions for fair valuation of assets.

Valuation model

Like most listed property companies, Catena has opted to recognise its investment properties at fair value, in accordance with IAS 40. Catena performs quarterly internal valuations of all of its investment properties.

The internal valuation is used to determine the fair values recognised in the balance sheet, The valuation is based on a six-year cash-flow model for each individual property. The model is based on actual income and expenses, adjusted for a normalised future earnings capacity in terms of both income and expenses.

When assessing the future earnings capacity, factors taken into account include the expected changes in the rent level based on the current rent of the individual lease compared with the market rent for each date of maturity, and changes in letting ratio and property costs. The yield value has then been calculated in a cash-flow statement per property.

The yield value includes the value of the assessed future payment flows over the next five years and the present value of the assessed value of the property in five years' time. The yield value has then been adjusted for the value of on-going projects and land with unutilised development rights.

Significant variables

Compilation of outcomes for significant variables and the normalised amounts used in the internal valuation model:

	Actual outcome, SEK M	Normalised values, total
Rental value, SEK M	1,216.1	1,299.5
Economic letting ratio, %	95.9	90.2
Contractual annual rent, SEK m	1,166.7	1,172.5
Operating surplus before property administration, SEK M	863.0	985.3
Property yield before property administration costs, % %	5.9	7.2
Surplus ratio before property admin. %	79.1	84.0
Discount rate, %		9.2
Assumed annual rent development,%		2.0

impact the value of a property are the discount rate and the rental value. Assumptions including interest rates, debt/

equity ratio, inflation assumptions, the required return on paid-in capital, property location, tenant structure, etc. are included in the discount rate.

Rental value reflects the market's view of what tenants are willing to pay for property space. A change of +/-1 percent in these parameters impacts the estimated fair value.

Other corrective parameters are the property's development potential in the form of, for example, development rights.

	Impact
Change	+1%	-1%
Discount rate, SEK M Assumed annual rent development,	-2,103	2,534
SEK M	632	-842

Changes in value of investment properties

To verify the internal valuations, external valuations of a selection of the Company's properties are also carried out. During the year, Newsec and Cushman & Wakefield valued approximately 66.7 percent of the portfolio, representing a value of SEK 10.0 billion. A certain discrepancy is permitted between the internal valuation and the fair value before the fair value is adjusted. The discrepancy should be within a range controlled by a permitted discrepancy from the established direct yield requirement of +/-0.25 percent.

Only when the deviation exceeds or falls short of this range is the fair value adjusted. This discrepancy is accepted since there is always an element of uncertainty in the estimated value.

Organisation and business structure

Catena's position as a leader in logistics properties is attributable largely to the capacity existing throughout the organisation. Extensive experience and specialist expertise in logistics, property development, property management and transactions generate value for customers but also enable short decision paths and scope for action.

Property portfolio by region

		Lettable area,			Contractual
Regions	Number of properties	thousand sq. m.	Fair value, SEK M	Rental value, SEK M	Economic letting ratio, %	annual rent, SEK M	Surplus ratio, %
Gothenburg	14	223.2	2,114.9	172.0	99	170.4	87
Helsingborg	23	382.4	2,564.6	214.6	94	201.3	70
Jönköping	12	209.6	1,109.6	117.1	91	106.4	67
Malmö	16	219.3	2,220.3	179.3	98	175.1	65
Stockholm	42	758.0	6,711.7	533.1	96	513.5	80
Total	107	1,792.5	14,721.1	1,216.1	96	1,166.7	76

See also the list of properties on pages 28–29.

Catena's organisation is divided into five regions. There are also Group-wide functions for Economy/Finance and Communications/HR. Management bears the overall responsibility for business development, financial control and performance review. Economy/Finance is responsible for the continuous reporting that is based on international standards and the Group's financing. The function is also responsible, together with the CEO, for the Group's transactions and the communication with finance markets and society.

Strong regions

Property management is organised into regions according to the geographical location of the properties: Gothenburg, Helsingborg, Jönköping, Malmö and Stockholm.

The Property Management function is responsible for service and contact with the tenants to thereby identify and resolve problems and also evaluating the possibilities of developing both customer relationships and premises. Catena employs in-house managers and technicians, and also engaging external property managers.

The regions are also responsible for the development of Catena's business regionally through contacts with the local business community and the local authorities. In this way, the regions can initiate transactions and development. The regional management organisations are supported by Catena's staff units, with qualified expertise in key functions such as transactions, financing, sustainability and property management.

The flexible and customer-oriented business structure affords Catena considerable opportunities to manage its growing portfolio and develop the operations over both the long and short term and has enabled the Company to significantly strengthen its customer relations and increase the number of customers.

Shared values

Catena's growth rate and success builds largely on a coordinated team of employees, work together to achieve established objectives. An important component of that work comprises the shared values that all executives and employees can use as the starting point for major and minor decisions. The work for a value-driven organisation grows increasingly important as Catena expands to ensure that everyone works efficiently together toward the Company's objectives.

In 2018, Catena has worked actively with the Company's values and discussed what they mean in practice, both in the management team and in the organisation as a whole.

Catena's values

We exceed expectations

We are professional in everything we do, both large and small, and our knowledge matches current and future needs. Based on this, we always go a little further, daring to be innovative.

We take long-term responsibility

Both our own working environment and society in general are affected by how we act and the decisions we make. What we deliver must be sustainable over time – ecologically, socially and economically.

We are committed

We work close to our customers and one another and we are passionate about what we do. At Catena, we believe in having fun at work and we do not fear this joy being contagious – we are happy to share!

Regional development

Comments on 2018

• Cramo's hub for equipment leasing in western Sweden

Priorities in 2019

• Increase the land reserve for new

was completed. The property comprises a total of 43,000 square metres of land. Occupancy took place on 1 July. • The property portfolio was further refined towards modern logistics properties through the divestment of the Tappen 1 property in Borås. • The customer-oriented property management organisation was strengthened to further improve service to existing customers and to reduce operating expenses, including through energy saving projects. • A new agreement was signed with third party logistics company Alwex for 52,000 square metres of the Fröträdet 1 property in Växjö. The agreement extends until the end of 2024. • In Jönköping, a seven-year agreement was signed with Procurator for a 23,000 square-metre central warehouse, 16,000 square metres of which is being newly constructed. The warehouse is scheduled for completion in 2019. At the same Tahe 1:64 property, a five-year contract was signed for 3,500 square metres of educational premises for the municipality of Jönköping. • Third-party logistics company, Nowaste, moved into new premises of 30,400 square metres in Tostarp outside Helsingborg. The construction of a high-bay warehouse for Nowaste commenced. • In October, an agreement was signed to acquire an additional 600,000 square metres of land adjacent to E-city in Ängelholm. • The region's portfolio was further refined towards larger players with the divestment of the multi-tenant Kroksabeln 17 property. • The Sunnanå Logistics Position was in focus. Svensk Cater's new FMCG warehouse was completed during the autumn. Construction of Catena's 36,000 square-metre multi-tenant warehouse and Chefs Culinar's FMCG warehouse commenced (completed in the spring of 2019). • Several energy-saving projects were launched, aimed at both improving environmental performance and lowering expenses. • All key performance indicators improved, the decline in the number of properties being attributable to the merger of four properties into one. construction in the Gothenburg region. • Defend a high surplus ratio through continued fine-tuning of working methods and customer-oriented property management. • Continued focus on green energy solutions at properties in the region, with both photovoltaic and geothermal solutions. • Commence a new construction project or major extension during the year. • Increase the surplus ratio through investments in energy efficiency enhancements and active efforts to fill vacancies. • Continued focus on increasing the land reserve. • Completion of Nowaste's highbay warehouse in Tostarp. • Commence new construction at the properties in Tostarp and E-City, Ängelholm. • Continued efforts to secure access to developable land. • Completion of ongoing construction projects at the Sunnanå Logistics Position. A section of land remains to be completed and negotiations are in progress, following which, the original plan for Sunnanå will have been completed. Stage 1 of the multi-tenant warehouse is expected to be completed by the summer, and stage 2 at the end of the year. • The detailed development plan for the further expansion of the Sunnanå site is in focus.

A strategic property was acquired in Morgongåva (Apotea), adapted for e-commerce and with Sweden's largest roof-mounted photovoltaic cell plant.
The expansion around priority location Umeå continued with the acquisition of land at the Magneten 6 site and the Lagret 1 property (PostNord Thermo).
Leasing increased in more complex locations (Karlstad, Katrineholm, Linköping, Sundsvall), thereby raising the letting ratio and increasing income significantly.
The property portfolio was refined, resulting in optimised property management and staffing.
Detailed development plan and timetable for the new Stockholm South Logistics Position.
With a low vacancy rate, the ambition is to commence two to three new construction projects on proprietary land.
Work to reduce operating costs and further improve the surplus ratio.

GOTHENBURG

Johan Franzén, Regional Manager Gothenburg [email protected] Contacts

HELSINGBORG

Göran Jönsson, Regional Manager, Helsingborg [email protected] Contacts

JÖNKÖPING

Johan Franzén, Regional Manager Jönköping [email protected] Contacts

MALMÖ

Jörgen Eriksson, Regional Manager Malmö [email protected] Contacts

STOCKHOLM

Contacts

Maths Carreman, Regional Manager Stockholm [email protected]

Solsten 1:102, Härryda.

Rental income Net operating surplus Property value Letting ratio

PROPERTY OPERATIONS 30 ANNUAL REPORT 2018 | CATENA AB

location outside Malmö.

in the area, Mappen 3 and Mappen 4.

Important events

pleted, will contain a warehouse section for dry goods as well as chilled and frozen goods. The agreement is expected to generate a net operating surplus of approximately SEK 8 million annually. The building will be the third built by Catena in its development area at the Sunnanå logistics

On February 28, Catena acquired and took possession of the Mappen 1 property in Linköping. The acquisition is being conducted as a property transaction at a value of SEK 68.1 million. The lettable area comprises 22,600 square metres and the building plot area is 110,000 square metres with development rights for approximately 30,000 square metres. The rental value, for the more or less fully leased property, amounts to more than SEK 9 million with a remaining lease term of approximately two years. The property is located next to Catena's two other properties

In cooperation with Foodhills AB and Backahill AB, Catena has started a jointly owned company, Foodhills Fastighet AB. Catena has a 45 percent holding, Backahill 45 percent, and Foodhills AB owns the remaining 10 percent of the property company. The appointed CEO of the Company is Mikael Halling, who was previously Executive Vice President and Senior Advisor at Catena for many years. On 1 March, Foodhills Fastighet AB acquired the properties Bjuv 23:1, part of Selleberga 17:1 and Lunnahus 4:2 in Bjuv Municipality from Findus, which had been the owner of the property for many years with both its headquarters and production at the site. The transaction was conducted as a property transaction at a value of SEK 85 million, with possession as of 1 March. The property has a lettable area of approximately 100,000 square metres. At the time of acquisition, the property had no tenants. The estimated rental value amounts to approximately SEK 35 million.

In mid-April, Catena established a commercial paper programme with a framework amount of SEK 2 billion. The programme is arranged by Swedbank AB, which also functions as an issuing institute together with Danske Bank. To manage the refinancing risk, the programme has secured

backup facilities (through property mortgages). On 4 May, an investor presentation was held and, on 7 May, Catena issued commercial papers for SEK 750 million with maturities of four, six and nine months under the newly established commercial paper programme, with an average interest rate of 0.39 percent. The commercial papers will

In late February, Catena signed a sevenyear agreement with Chefs Culinar and is investing SEK 115 million in a new distribution centre at the Sunnanå 12:52 property outside Malmö. In the spring, construction commenced of the 7,600 square-metre warehouse which, when comOn 27 April, Catena signed a lease with DS Smith and Lekia and is investing a further SEK 358 million at the Sunnanå logistics location, just outside Malmö. This will be the fourth facility that Catena establishes in the area and will encompass two buildings with a shared loading yard and parking area. The buildings will provide warehousing for multiple tenants, with a total of 36,000 square metres of warehouse and office space. Lekia will be leasing 6,000 square metres and DS Smith 5,800 square metres, and they are scheduled to move in during the third quarter of 2019. Fully leased, the two new buildings are estimated to have a rental value of approximately SEK 26 million.

On 8 May, Catena signed a seven-year contract with Procurator with an annual rent of SEK 9.4 million and will be investing SEK 107 million in the Tahe 1:64 property, located on the Torsvik industrial estate, adjacent to the E4 motorway in Jönköping. The property is being extended by 16,000 square metres to a total 41,800 square metres. With this contract, almost all of the property's logistics space has been leased. Procurator is expected to be able to move into the property towards the end of 2019.

On 2 July, Catena and Domarbo Skog AB signed an agreement for Catena to acquire the Snesholm 1:16 property in the Municipality of Heby in the County of Uppsala, north of Stockholm. The property was acquired through a corpo-

rate transaction at a predetermined property value of SEK 280 million. The purchase consideration for the shares amounted preliminarily to SEK 77 million, of which SEK 50 million was paid with newly issued shares in Catena. The subscription price for the issue of approximately SEK 175 per Catena share was based on the average closing price over the ten trading days preceding the possession date, meaning that Domarbo Skog AB holds 285,330 new shares in Catena, corresponding to 0.76 percent of the total number shares following the issue. The property sits on a plot of approximately 83,000 square metres and has a lettable area of approximately 38,000 square metres that is fully leased to Apotea, a rental value of slightly more than SEK 18 million and a remaining lease term of

Catena signed an agreement to sell the remaining 50 percent of Huddinge Regulatorn 2 AB at an underlying property value of SEK 390 million. The transaction was conducted as a corporate disposal with the buyer being, as previously, WA Fastigheter AB, which took possession of the entire property on 3 September 2018. The purchase consideration for the remaining participation in the joint venture amounted to slightly more than SEK 95 million, which was on the same level as the carrying amount. The property has more than 45,000 square metres of lettable space and a land area of 62,000 square metres. The annual rental income amounts to more than SEK 32 million and the property is currently almost fully leased. In Catena's assessment, the location of the property is not

suited to logistics purposes in the longer term.

11.5 years.

ADMINISTRATION REPORT

have a maximum maturity of 364 days.

	Key share data
--	----------------	--

	2018		2017 Change, %
Surplus ratio, %	87.2	85.3	2.2
Contractual annual rent, SEK M	170.4 162.0		5.2
Rental value, SEK M	172.0 165.4		4.0
Profit from property management, SEK M	144.9 115.4		25.6
Lettable area, thousand m2	223.2 224.9		-0.8
No. of properties	14	15	-6.7
No. of contracts	46	43	7.0

	2018		2017 Change, %
Surplus ratio, %	70.2	69.1	1.6
Contractual annual rent, SEK M	201.3 171.6		17.3
Rental value, SEK M	214.6 187.2		14.6
Profit from property management, SEK M	114.6	87.6	30.8
Lettable area, thousand m2	382.4 347.8		9.9
No. of properties	23	24	-4.2
No. of contracts	128	160	-20.0

	2018		2017 Change, %
Surplus ratio, %	67.4	71.8	-6.1
Contractual annual rent, SEK M	106.4 100.6		5.8
Rental value, SEK M	117.1 114.2		2.5
Profit from property management, SEK M	63.8	64.9	-1.7
Lettable area, thousand m2	209.6 209.6		0.0
No. of properties	12	12	0.0
No. of contracts	50	42	19.0

	2018		2017 Change, %
Surplus ratio, %	65.2	64.1	1.7
Contractual annual rent, SEK M	175.1 162.6		7.7
Rental value, SEK M	179.3 166.6		7.6
Profit from property management, SEK M	97.8	76.5	27.8
Lettable area, thousand m2	219.3 211.0		4.0
No. of properties	16	18	-11.1
No. of contracts	55	50	10.0

	2018		2017 Change, %
Surplus ratio, %	79.5	79.3	0.3
Contractual annual rent, SEK M	513.5 454.6		13.0
Rental value, SEK M	533.1 476.5		11.9
Profit from property management, SEK M	371.4 293.7		26.5
Lettable area, thousand m2	758.0 668.3		13.4
No. of properties	42	40	5.0
No. of contracts	144	140	2.9

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB 27

2018 2017 Change, %

ADMINISTRATION REPORT

Surplus ratio, % 87.2 85.3 2.2 Contractual annual rent, SEK M 170.4 162.0 5.2 Rental value, SEK M 172.0 165.4 4.0

management, SEK M 144.9 115.4 25.6 Lettable area, thousand m2 223.2 224.9 -0.8 No. of properties 14 15 -6.7 No. of contracts 46 43 7.0

Surplus ratio, % 70.2 69.1 1.6 Contractual annual rent, SEK M 201.3 171.6 17.3 Rental value, SEK M 214.6 187.2 14.6

management, SEK M 114.6 87.6 30.8 Lettable area, thousand m2 382.4 347.8 9.9 No. of properties 23 24 -4.2 No. of contracts 128 160 -20.0

Surplus ratio, % 67.4 71.8 -6.1 Contractual annual rent, SEK M 106.4 100.6 5.8 Rental value, SEK M 117.1 114.2 2.5

management, SEK M 63.8 64.9 -1.7 Lettable area, thousand m2 209.6 209.6 0.0 No. of properties 12 12 0.0 No. of contracts 50 42 19.0

Surplus ratio, % 65.2 64.1 1.7 Contractual annual rent, SEK M 175.1 162.6 7.7 Rental value, SEK M 179.3 166.6 7.6

management, SEK M 97.8 76.5 27.8 Lettable area, thousand m2 219.3 211.0 4.0 No. of properties 16 18 -11.1 No. of contracts 55 50 10.0

Surplus ratio, % 79.5 79.3 0.3 Contractual annual rent, SEK M 513.5 454.6 13.0 Rental value, SEK M 533.1 476.5 11.9

management, SEK M 371.4 293.7 26.5 Lettable area, thousand m2 758.0 668.3 13.4 No. of properties 42 40 5.0 No. of contracts 144 140 2.9

Rental income Net operating surplus Property value Letting ratio

0 500 1,000 1,500 2,000 2,500

0 500 1,000 1,500 2,000 2,500 3,000

500

1,000

1,500

0 500 1,000 1,500 2,000 2,500

0 1,000 2,000 3,000 4,000 5,000 6,000 7,000

000000

-15 -16 -17 -18

SEK m %

-15 -16 -17 -18

SEK m %

-15 -16 -17 -18

000

-15 -16 -17 -18 000

SEK m %

-15 -16 -17 -18

7⁰

00000

0000000

Profit from property

Key share data

Profit from property

0000SEK m %

SEK m

00SEK m

100

SEK m

100

150

200

100

150

200

00SEK m

-15 -16 -17 -18

100

150

200

PROPERTY OPERATIONS 30 ANNUAL REPORT 2018 | CATENA AB

location outside Malmö.

in the area, Mappen 3 and Mappen 4.

Important events

In mid-April, Catena established a commercial paper programme with a framework amount of SEK 2 billion. The programme is arranged by Swedbank AB, which also functions as an issuing institute together with Danske Bank. To manage the refinancing risk, the programme has secured

On 2 July, Catena and Domarbo Skog AB signed an agreement for Catena to acquire the Snesholm 1:16 property in the Municipality of Heby in the County of Uppsala, north of Stockholm. The property was acquired through a corpo-

suited to logistics purposes in the longer term.

11.5 years.

ADMINISTRATION REPORT

have a maximum maturity of 364 days.

List of properties by region

				Taxable	Rental	Con tractual	Logistics
			Value	value,	value,	rent,	ware	Distri
Property	Postal address	Address	year	SEK T	SEK T	SEK T	house		bution Terminal Other		Total
Gothenburg
1 Vindtunneln 1	Borås	Vevgatan 18	2002	69,011	10,670	10,670	16,897	0	0	0	16,897
2 Backa 97:10	Hisings Backa	Exportgatan 43	1979	48,873	9,753	9,753	13,983	0	0	0	13,983
3 Varla 6:15	Kungsbacka	Kabelgatan 5	1980	69,164	15,243	13,996	25,006	0	0	0	25,006
4 Vindtunneln 2	Borås	Segloravägen 6	2006	72,000	8,018	8,018	16,391	0	0	0	16,391
5 Källbäcksryd 1:408	Brämhult	Tvinnargatan 17	1990	4,580	557	557	0	1,247	0	0	1,247
6 Björröd 1:205	Landvetter	Västra Björröds vägen 4	0	0	5,995	5,995	0	3,380	0	0	3,380
7 Backa 23:2	Hisings Backa	Exportgatan 20 A	2006	33,000	5,314	5,314	0	3,984	0	0	3,984
8 Generatorn 11	Mölndal	Aminogatan 32 C	2006	12,148	2,779	2,779	0	1,995	0	0	1,995
9 Klarinetten 1	Mölndal	Arnegårdsgatan 12	2007	23,000	5,324	5,324	0	3,667	0	0	3,667
10 Backa 23:5	Hisings Backa	Exportgatan 14-16	1992	702	16,992	16,992	7,670	7,659	0	0	15,329
11 Fördelaren 1	Kungälv	Truckgatan 15	1979	154,812	40,032	40,032	0	54,000	0	0	54,000
12 Bulten 1	Kungälv	Bultgatan 27	1997	56,187	15,901	15,581	23,090	0	0	0	23,090
13 Solsten 1:102	Mölnlycke	Fibervägen 2-8	1992	102,568	32,673	32,673	42,437	0	0	0	42,437
14 Backa 23:9	Hisings Backa	Exportgatan 20	2009	14,251	2,708	2,708	1,824	0	0	0	1,824
Total, Gothenburg Region				660,296		171,959 170,391 147,298		75,932	0		0 223,230

Helsingborg
15 Plantehuset 3	Helsingborg	Mineralgatan 15, 17	0	14,200	18,149	18,149	0	30,400	0	0	30,400
16 Remmen 1	Åstorp	Ji-Te gatan 9/ Persbogatan 1-3	1985	11,519	3,718	3,718	0	6,782	0	0	6,782
17 Lejonet 6	Åstorp	Bangatan 7	1973	2,401	933	933	0	1,785	0	0	1,785
18 Lejonet 7	Åstorp	Bangatan 9 A	1995	8,232	1,777	1,777	0	3,624	0	0	3,624
19 Köpingegården 1	Helsingborg	Trintegatan 10, 13, 15	2004	120,849	25,690	25,690	14,403	0	24,522	0	38,925
20 Kopparverket 11	Helsingborg	Stormgatan 11	2007	96,000	7,057	7,057	26,600	0	0	0	26,600
21 Plantehuset 2	Helsingborg	Mineralgatan 11	2011	12,271	4,067	4,067	4,694	0	0	0	4,694
22 Hästhagen 4, 5, Prop. merger	Helsingborg	Landskronav 5, 7/ Rännarbanan 30	2005	96,915	25,829	19,999	50,056	0	0	0	50,056
23 Förmannen 4	Ängelholm	Transportgatan 13	1993	58,150	11,868	11,868	22,241	0	0	0	22,241
24 Misteln 1	Åhus	Täppetleden 1	2011	9,428	1,489	1,489	1,900	0	0	0	1,900
25 Rebbelberga 26:37	Ängelholm	Framtidsgatan 3	1999	57,270	8,904	8,904	15,960	0	0	0	15,960
26 Norra Varalöv 31:11	Ängelholm	Produktionsvägen 10	2017	131,209	36,856	36,856	43,927	14,545	0	0	58,472
etc.		m.fl.
27 Kärra 1:23	Ängelholm	Helsingborgsvägen 528	1929	1,296	120	120	0	0	0	200	200
28 Norra Varalöv 31:5	Ängelholm	Produktionsvägen 11	2011	7,988	1,843	1,843	4,056	0	0	0	4,056
29 Rebbelberga 26:38	Ängelholm	Framtidsgatan 5	1998	3,088	739	739	849	0	0	0	849
30 Vångagärdet 20	Helsingborg	Landskronavägen 23, 25 A & B	1974	86,569	22,873	17,150	25,690	0	0	0	25,690
31 Arnulf Öfverland 1	Kristianstad	Estrids väg 2	1992	6,102	967	967	0	2,236	0	0	2,236
32 Konen 5	Halmstad	Kristinehedsvägen 16	2011	4,586	1,076	1,076	0	727	0	0	727
33 Hammaren 1	Klippan	Stackarpsvägen 8	1977	19,795	5,362	4,620	18,456	0	0	0	18,456
34 Hammaren 2	Klippan	Stackarpsvägen 10	2002	57,389	17,805	17,805	32,550	0	0	0	32,550
35 Bunkagården Mellersta 2	Helsingborg	Bunkagårdsgatan 5	Spec.	0	12,487	12,487	0	28,250	0	0	28,250
36 Fräsaren 12	Halmstad	Fräsaregatan 6	Spec.	0	3,912	3,912	0	0	5,435	0	5,435
37 Bunkagården Mellersta 1	Helsingborg	Bunkagårdsgatan 1	1985	10,540	1,085	100	0	2,463	0	0	2,463
Total, Helsingborg Region				815,797		214,606 201,325 261,382		90,812	29,957		200 382,351

Type, m2

Property Postal address Address

Sunnanå 12:51 Arlöv Flansbjersvägen

Sunnanå 12:52 Arlöv Flansbjersvägen

Sockret 4 Malmö Lodgatan 9-13/

10 and 12

Tånggatan 4

14-18

Jönköping

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB

Malmö

Valueyear

Barnarps-Kråkebo 1:44 Jönköping Möbelvägen 39 1991 50,383 15,778 15,778 34,126 0 0 0 34,126 Lagret 1 Nässjö Terminalgatan 6 2004 52,158 20,214 20,214 0 0 24,404 0 24,404 Lagret 4 Nässjö Terminalgatan 6 2016 31,378 5,307 5,307 9,252 0 0 0 9,252 Tahe 1:64 Taberg Målövägen 2 1980 69,112 11,367 6,754 29,209 0 0 0 29,209 Barnarps-Kråkebo 1:56 Jönköping Stolsvägen 2 2001 15,988 2,778 2,778 4,030 0 0 0 4,030 Postiljonen 1 Växjö Nylandavägen 2 Spec. 0 6,417 6,416 0 0 6,702 0 6,702 Däcket 1 Oskarshamn Lövgrensvägen 4 Spec. 0 1,337 1,337 0 0 2,908 0 2,908 Älghunden 3 Jönköping Muttervägen 3 1983 13,030 1,843 1,843 0 3,738 0 0 3,738 Ättehögen 2 Jönköping Herkulesvägen 56 1987 24,825 5,929 5,357 8,709 0 0 0 8,709 Fröträdet 1 Växjö Högsbyvägen 3 1990 156,980 35,778 30,225 0 68,580 0 0 68,580 Rockan 2 Värnamo Torpvägen 2 Spec. 0 5,099 5,099 0 0 9,729 0 9,729 Smeden 1 Växjö Ljungadalsgatan 10 Spec. 0 5,297 5,297 0 0 8,210 0 8,210 Total, Jönköping Region 413,854 117,142 106,402 85,326 72,318 51,953 0 209,597

Sunnanå 1:20 & 1:21 Arlöv Tullstorpsvägen 110 Land 7,999 1,202 1,202 0 0 0 0 0

Tågarp 16:22 Arlöv Företagsvägen 14 1974 28,200 7,688 7,656 9,849 0 0 0 9,849 Sunnanå 5:16 Arlöv Land 1,581 46 46 0 0 0 0 0 Morup 5 Malmö Kosterögatan 12-14 Spec. 0 18,930 18,272 0 24,931 0 0 24,931 Bronsringen 1, 3 Oxie Bronsgjutaregatan 4 2008 45,159 8,347 8,347 0 5,510 0 0 5,510 TERMINALEN 1 Trelleborg Terminalsgatan 2 1971 56,400 11,121 10,773 24,292 0 0 0 24,292 Tågarp 16:17 Arlöv Lagervägen 4 1978 143,280 39,058 37,070 0 47,682 0 0 47,682 Kornmarksvej 1 Bröndby Kornmarksvej 1 0 0 46,760 46,760 0 47,121 0 0 47,121 Slätthög 6 Malmö Olsgårdsgatan 8 B 2014 22,683 2,779 2,779 3,158 0 0 0 3,158 Tankbilen 9 Trelleborg Godsvägen 9 2008 29,053 5,425 5,425 8,700 0 0 0 8,700 Olsgård 4 Malmö Olsgårdsgatan 11 0 2,201 1,696 1,227 1,409 0 0 0 1,409 Slätthög 4 Malmö Olsgårdsgatan 8 A 2015 17,263 2,233 2,233 2,123 0 0 0 2,123 Slätthög 1 Malmö Olsgårdsgatan 6 2015 23,834 3,622 3,297 4,486 0 0 0 4,486 Total, Malmö Region 434,773 179,333 175,051 77,175 125,244 16,940 0 219,359

Taxable value, SEK T

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

Spec. 0 18,949 18,949 0 0 16,940 0 16,940

44,720 3,945 3,484 14,796 0 0 0 14,796

12,400 7,530 7,530 8,362 0 0 0 8,362

European highways Main rail routes

Logistics Distribution Terminal

⁷⁴

101

⁸⁶

¹³

Type, m2

bution Terminal Other Total

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB 29

Distri-

Property

Type, m2

Distri-

bution Terminal Other Total

Stockholm

Postal

Nattskiftet 11 Stockholm Elektravägen 11-23/

Terminalen 1 Hallsberg Hallsbergsterminalen

Drivremmen 1 Hägersten Drivhjulsvägen 17/

Basfiolen 7 Norrköping Moa Martinsons gata

Snesholm 1:16 Morgongåva Molnebovägen 10/

Frukthallen 3 Årsta Frukthandlarvägen

ADMINISTRATION REPORT ADMINISTRATION REPORT

address Address

Drivhjulsvägen 42

Västberga Allé 41

Tjusarevägen 40

3-9

12-20

10 A

Valueyear Taxable value, SEK T

Mörby 5:28 Nykvarn Mörbyvägen 21 2009 33,000 10,668 10,668 0 0 186 0 186 Tuvängen 1 Södertälje Morabergsvägen 25 2000 19,587 2,434 2,434 0 2,640 0 0 2,640 Dikartorp 3:12 Järfälla Passadvägen 8, 10 2002 139,701 22,179 22,179 29,005 0 0 0 29,005

Slottshagen 2:1 Norrköping Kommendantvägen 5 Spec. 0 10,135 8,582 0 0 15,126 0 15,126 Vanda 1 Kista Vandagatan 3 1990 168,200 22,310 20,523 23,240 0 0 0 23,240 Sothönan 3 Katrineholm Industrigatan 7 1986 10,974 14,329 14,028 10,000 0 14,755 0 24,755

Jordbromalm 4:33 Haninge Lillsjövägen 19 2005 157,267 18,273 18,273 23,547 0 0 0 23,547 Skogskojan 1 Östersund Grindvägen 3 Spec. 0 3,923 3,923 0 0 3,466 0 3,466

Ekeby 2: 2 Eskilstuna Folkestaleden 3 Spec. 6,709 3,493 3,493 0 0 7,976 0 7,976 Batteriet 7 & 8 Umeå Spårvägen 26 A & B Spec. 0 1,872 1,872 0 0 4,376 0 4,376 Målås 4:4 Sundsvall Förmanslänken 9A Spec. 0 3,659 3,659 0 0 8,120 0 8,120 Östanvinden 5 Karlstad Östanvindsgatan 4 1983 2,585 745 745 0 1,330 0 0 1,330

Vasslan 1 Årsta Sockengränd 2 1986 42,510 6,311 6,311 0 5,433 0 0 5,433 Värdshuset 3 Sundsvall Värdshusvägen 5 1985 3,114 784 784 0 1,512 0 0 1,512 Sörby Urfjäll 38:2 Gävle Elektrikergatan 4 1990 4,427 785 785 0 1,427 0 0 1,427 Källstalöt 1:6 & 1:7 Eskilstuna Brunnsta 19 1975 82,992 17,932 17,932 32,200 0 0 0 32,200 Stenvreten 8:33 Enköping Varggatan 17 2010 41,600 15,353 15,353 0 10,873 0 0 10,873 Rosersberg 11:81 Rosersberg Metallvägen 31 2006 153,800 15,416 15,416 0 22,605 0 0 22,605 Rosersberg 11:116 Rosersberg Metallvägen 60 2013 94,800 9,669 9,669 10,171 0 0 0 10,171 Statorn 31 Norrköping Malmgatan 14 1972 55,697 6,976 5,835 0 15,708 0 0 15,708 Törsjö 2:49 Örebro Paketvägen 1, 3 2004 172,620 30,784 30,784 55,255 0 0 0 55,255 Mosås 4:66 Örebro Paketvägen 10 Spec. 0 7,355 7,355 0 0 8,885 0 8,885 Mosås 4:57 Örebro Paketvägen 6 1970 31,199 4,302 4,272 12,089 0 0 0 12,089 Godsvagnen 6 Örebro Terminalgatan 2 1992 65,916 9,894 9,894 19,600 0 0 0 19,600 Magneten 6 Umeå Kontaktvägen 20 Land 3,500 588 588 0 0 0 0 0

Lagret 1 Umeå Depåvägen 1 1991 74,918 14,792 14,792 0 24,892 0 0 24,892 Sköns Prästbord 2:4 Sundsvall Timmervägen 4 1973 29,899 18,768 16,845 0 24,600 0 0 24,600 Mätaren 6 Umeå Mätarvägen 3 1977 56,852 13,335 11,538 24,484 0 0 0 24,484 Planeraren 2 Borlänge Planerargatan 3 1979 64,122 25,091 25,091 0 32,758 0 0 32,758 Bleket 2 Karlstad Brisgatan 4 1973 35,774 12,073 7,735 0 22,605 0 0 22,605

Mappen 3 Linköping Köpetorpsgatan 8 1977 76,790 18,411 15,721 0 28,500 0 0 28,500 Jordbromalm 4:41 Jordbro Lillsjövägen 52 Spec. 0 22,030 22,030 0 32,898 0 0 32,898 Slammertorp 3:3 Järfälla Mejerivägen 5 2000 119,532 15,813 15,813 0 17,545 0 0 17,545 Korsberga 1 Västerås Saltängsvägen 50 2011 51,802 7,840 7,840 0 10,100 0 0 10,100 Adaptern 1 Norrköping Blygatan 25 1975 111,277 16,801 16,801 0 28,429 0 0 28,429 Mappen 4 Linköping Köpetorpsgatan 6, 10 1979 61,619 13,764 13,186 22,388 3,165 0 0 25,553 Total, Stockholm Region 2,099,832 533,065 513,509 261,979 373,651 121,863 504 757,997

TOTAL 4,424,552 1,216,104 1,166,679 833,160 737,957 220,713 704 1,792,534

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

13,689 36,265 35,134 0 25,617 0 0 25,617

Spec. 0 12,253 12,253 0 0 25,850 0 25,850

Spec. 0 25,946 25,946 0 0 33,123 0 33,123

4,196 541 541 0 1,318 0 0 1,318

964 18,740 18,740 0 38,000 0 0 38,000

108,200 20,435 18,146 0 21,696 0 504 22,200

28 29

56 57 59 64

¹⁷ ¹⁶

³³ ³⁴ ²² ³¹ ³⁵

Type, m2

Distri-

bution Terminal Other Total

List of properties by region

vägen 4

Persbogatan 1-3

Rännarbanan 30

Helsingborg Landskronav 5, 7/

Ängelholm Produktionsvägen 10 m.fl.

25 A & B

Valueyear

Vindtunneln 1 Borås Vevgatan 18 2002 69,011 10,670 10,670 16,897 0 0 0 16,897 Backa 97:10 Hisings Backa Exportgatan 43 1979 48,873 9,753 9,753 13,983 0 0 0 13,983 Varla 6:15 Kungsbacka Kabelgatan 5 1980 69,164 15,243 13,996 25,006 0 0 0 25,006 Vindtunneln 2 Borås Segloravägen 6 2006 72,000 8,018 8,018 16,391 0 0 0 16,391 Källbäcksryd 1:408 Brämhult Tvinnargatan 17 1990 4,580 557 557 0 1,247 0 0 1,247

Backa 23:2 Hisings Backa Exportgatan 20 A 2006 33,000 5,314 5,314 0 3,984 0 0 3,984 Generatorn 11 Mölndal Aminogatan 32 C 2006 12,148 2,779 2,779 0 1,995 0 0 1,995 Klarinetten 1 Mölndal Arnegårdsgatan 12 2007 23,000 5,324 5,324 0 3,667 0 0 3,667 Backa 23:5 Hisings Backa Exportgatan 14-16 1992 702 16,992 16,992 7,670 7,659 0 0 15,329 Fördelaren 1 Kungälv Truckgatan 15 1979 154,812 40,032 40,032 0 54,000 0 0 54,000 Bulten 1 Kungälv Bultgatan 27 1997 56,187 15,901 15,581 23,090 0 0 0 23,090 Solsten 1:102 Mölnlycke Fibervägen 2-8 1992 102,568 32,673 32,673 42,437 0 0 0 42,437 Backa 23:9 Hisings Backa Exportgatan 20 2009 14,251 2,708 2,708 1,824 0 0 0 1,824 Total, Gothenburg Region 660,296 171,959 170,391 147,298 75,932 0 0 223,230

Plantehuset 3 Helsingborg Mineralgatan 15, 17 0 14,200 18,149 18,149 0 30,400 0 0 30,400

Lejonet 6 Åstorp Bangatan 7 1973 2,401 933 933 0 1,785 0 0 1,785 Lejonet 7 Åstorp Bangatan 9 A 1995 8,232 1,777 1,777 0 3,624 0 0 3,624 Köpingegården 1 Helsingborg Trintegatan 10, 13, 15 2004 120,849 25,690 25,690 14,403 0 24,522 0 38,925 Kopparverket 11 Helsingborg Stormgatan 11 2007 96,000 7,057 7,057 26,600 0 0 0 26,600 Plantehuset 2 Helsingborg Mineralgatan 11 2011 12,271 4,067 4,067 4,694 0 0 0 4,694

Förmannen 4 Ängelholm Transportgatan 13 1993 58,150 11,868 11,868 22,241 0 0 0 22,241 Misteln 1 Åhus Täppetleden 1 2011 9,428 1,489 1,489 1,900 0 0 0 1,900 Rebbelberga 26:37 Ängelholm Framtidsgatan 3 1999 57,270 8,904 8,904 15,960 0 0 0 15,960

Norra Varalöv 31:5 Ängelholm Produktionsvägen 11 2011 7,988 1,843 1,843 4,056 0 0 0 4,056 Rebbelberga 26:38 Ängelholm Framtidsgatan 5 1998 3,088 739 739 849 0 0 0 849

Arnulf Öfverland 1 Kristianstad Estrids väg 2 1992 6,102 967 967 0 2,236 0 0 2,236 Konen 5 Halmstad Kristinehedsvägen 16 2011 4,586 1,076 1,076 0 727 0 0 727 Hammaren 1 Klippan Stackarpsvägen 8 1977 19,795 5,362 4,620 18,456 0 0 0 18,456 Hammaren 2 Klippan Stackarpsvägen 10 2002 57,389 17,805 17,805 32,550 0 0 0 32,550

Fräsaren 12 Halmstad Fräsaregatan 6 Spec. 0 3,912 3,912 0 0 5,435 0 5,435

Total, Helsingborg Region 815,797 214,606 201,325 261,382 90,812 29,957 200 382,351

Helsingborg Bunkagårdsgatan 5 Spec. 0 12,487 12,487 0 28,250 0 0 28,250

Helsingborg Bunkagårdsgatan 1 1985 10,540 1,085 100 0 2,463 0 0 2,463

Taxable value, SEK T

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

0 5,995 5,995 0 3,380 0 0 3,380

11,519 3,718 3,718 0 6,782 0 0 6,782

96,915 25,829 19,999 50,056 0 0 0 50,056

131,209 36,856 36,856 43,927 14,545 0 0 58,472

1,296 120 120 0 0 0 200 200

86,569 22,873 17,150 25,690 0 0 0 25,690

Property Postal address Address

Björröd 1:205 Landvetter Västra Björröds-

Remmen 1 Åstorp Ji-Te gatan 9/

Kärra 1:23 Ängelholm Helsingborgsvägen

Vångagärdet 20 Helsingborg Landskronavägen 23,

Gothenburg

Helsingborg

Hästhagen 4, 5, Prop. merger

Norra Varalöv 31:11

etc.

Bunkagården Mellersta 2

Bunkagården Mellersta 1

							Type, m2
Property	Postal address	Address	Value year	Taxable value, SEK T	Rental value, SEK T	Con tractual rent, SEK T	Logistics ware house	Distri	bution Terminal Other		Total
Jönköping
38 Barnarps-Kråkebo 1:44	Jönköping	Möbelvägen 39	1991	50,383	15,778	15,778	34,126	0	0	0	34,126
39 Lagret 1	Nässjö	Terminalgatan 6	2004	52,158	20,214	20,214	0	0	24,404	0	24,404
40 Lagret 4	Nässjö	Terminalgatan 6	2016	31,378	5,307	5,307	9,252	0	0	0	9,252
41 Tahe 1:64	Taberg	Målövägen 2	1980	69,112	11,367	6,754	29,209	0	0	0	29,209
42 Barnarps-Kråkebo 1:56	Jönköping	Stolsvägen 2	2001	15,988	2,778	2,778	4,030	0	0	0	4,030
43 Postiljonen 1	Växjö	Nylandavägen 2	Spec.	0	6,417	6,416	0	0	6,702	0	6,702
44 Däcket 1	Oskarshamn	Lövgrensvägen 4	Spec.	0	1,337	1,337	0	0	2,908	0	2,908
45 Älghunden 3	Jönköping	Muttervägen 3	1983	13,030	1,843	1,843	0	3,738	0	0	3,738
46 Ättehögen 2	Jönköping	Herkulesvägen 56	1987	24,825	5,929	5,357	8,709	0	0	0	8,709
47 Fröträdet 1	Växjö	Högsbyvägen 3	1990	156,980	35,778	30,225	0	68,580	0	0	68,580
48 Rockan 2	Värnamo	Torpvägen 2	Spec.	0	5,099	5,099	0	0	9,729	0	9,729
49 Smeden 1	Växjö	Ljungadalsgatan 10	Spec.	0	5,297	5,297	0	0	8,210	0	8,210
Total, Jönköping Region				413,854	117,142 106,402		85,326	72,318	51,953		0 209,597

Property

Stockholm

Postal

Nattskiftet 11 Stockholm Elektravägen 11-23/

Terminalen 1 Hallsberg Hallsbergsterminalen

Drivremmen 1 Hägersten Drivhjulsvägen 17/

Basfiolen 7 Norrköping Moa Martinsons gata

Snesholm 1:16 Morgongåva Molnebovägen 10/

Frukthallen 3 Årsta Frukthandlarvägen

address Address

Drivhjulsvägen 42

Västberga Allé 41

Tjusarevägen 40

3-9

12-20

10 A

Valueyear Taxable value, SEK T

Jordbromalm 4:33 Haninge Lillsjövägen 19 2005 157,267 18,273 18,273 23,547 0 0 0 23,547 Skogskojan 1 Östersund Grindvägen 3 Spec. 0 3,923 3,923 0 0 3,466 0 3,466

TOTAL 4,424,552 1,216,104 1,166,679 833,160 737,957 220,713 704 1,792,534

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

13,689 36,265 35,134 0 25,617 0 0 25,617

Spec. 0 12,253 12,253 0 0 25,850 0 25,850

Spec. 0 25,946 25,946 0 0 33,123 0 33,123

4,196 541 541 0 1,318 0 0 1,318

964 18,740 18,740 0 38,000 0 0 38,000

108,200 20,435 18,146 0 21,696 0 504 22,200

Malmö
50 Sunnanå 12:51	Arlöv	Flansbjersvägen 10 and 12	Spec.	0	18,949	18,949	0	0	16,940	0	16,940
51 Sunnanå 12:52	Arlöv	Flansbjersvägen 14-18	0	12,400	7,530	7,530	8,362	0	0	0	8,362
52 Sunnanå 1:20 & 1:21	Arlöv	Tullstorpsvägen 110	Land	7,999	1,202	1,202	0	0	0	0	0
53 Sockret 4	Malmö	Lodgatan 9-13/ Tånggatan 4	1979	44,720	3,945	3,484	14,796	0	0	0	14,796
54 Tågarp 16:22	Arlöv	Företagsvägen 14	1974	28,200	7,688	7,656	9,849	0	0	0	9,849
55 Sunnanå 5:16	Arlöv		Land	1,581	46	46	0	0	0	0	0
56 Morup 5	Malmö	Kosterögatan 12-14	Spec.	0	18,930	18,272	0	24,931	0	0	24,931
57 Bronsringen 1, 3	Oxie	Bronsgjutaregatan 4	2008	45,159	8,347	8,347	0	5,510	0	0	5,510
58 TERMINALEN 1	Trelleborg	Terminalsgatan 2	1971	56,400	11,121	10,773	24,292	0	0	0	24,292
59 Tågarp 16:17	Arlöv	Lagervägen 4	1978	143,280	39,058	37,070	0	47,682	0	0	47,682
60 Kornmarksvej 1	Bröndby	Kornmarksvej 1	0	0	46,760	46,760	0	47,121	0	0	47,121
61 Slätthög 6	Malmö	Olsgårdsgatan 8 B	2014	22,683	2,779	2,779	3,158	0	0	0	3,158
62 Tankbilen 9	Trelleborg	Godsvägen 9	2008	29,053	5,425	5,425	8,700	0	0	0	8,700
63 Olsgård 4	Malmö	Olsgårdsgatan 11	0	2,201	1,696	1,227	1,409	0	0	0	1,409
64 Slätthög 4	Malmö	Olsgårdsgatan 8 A	2015	17,263	2,233	2,233	2,123	0	0	0	2,123
65 Slätthög 1	Malmö	Olsgårdsgatan 6	2015	23,834	3,622	3,297	4,486	0	0	0	4,486
Total, Malmö Region				434,773	179,333 175,051			77,175 125,244	16,940		0 219,359

European highways Main rail routes

Logistics Distribution Terminal

⁷⁴

101

⁸⁶

¹³

Type, m2

bution Terminal Other Total

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB 29

Distri-

28 29

56 57 59 64

¹⁷ ¹⁶

³³ ³⁴ ²² ³¹ ³⁵

Type, m2

						Con
	Postal		Value	Taxable value,	Rental value,	tractual rent,	Logistics ware	Distri
Property	address	Address	year	SEK T	SEK T	SEK T	house		bution Terminal Other		Total
Stockholm
66 Mörby 5:28	Nykvarn	Mörbyvägen 21	2009	33,000	10,668	10,668	0	0	186	0	186
67 Tuvängen 1	Södertälje	Morabergsvägen 25	2000	19,587	2,434	2,434	0	2,640	0	0	2,640
68 Dikartorp 3:12	Järfälla	Passadvägen 8, 10	2002	139,701	22,179	22,179	29,005	0	0	0	29,005
69 Nattskiftet 11	Stockholm	Elektravägen 11-23/ Drivhjulsvägen 42	1996	13,689	36,265	35,134	0	25,617	0	0	25,617
70 Slottshagen 2:1	Norrköping	Kommendantvägen 5	Spec.	0	10,135	8,582	0	0	15,126	0	15,126
71 Vanda 1	Kista	Vandagatan 3	1990	168,200	22,310	20,523	23,240	0	0	0	23,240
72 Sothönan 3	Katrineholm	Industrigatan 7	1986	10,974	14,329	14,028	10,000	0	14,755	0	24,755
73 Terminalen 1	Hallsberg	Hallsbergsterminalen 12-20	Spec.	0	12,253	12,253	0	0	25,850	0	25,850
74 Jordbromalm 4:33	Haninge	Lillsjövägen 19	2005	157,267	18,273	18,273	23,547	0	0	0	23,547
75 Skogskojan 1	Östersund	Grindvägen 3	Spec.	0	3,923	3,923	0	0	3,466	0	3,466
76 Drivremmen 1	Hägersten	Drivhjulsvägen 17/ Västberga Allé 41	Spec.	0	25,946	25,946	0	0	33,123	0	33,123
77 Ekeby 2: 2	Eskilstuna	Folkestaleden 3	Spec.	6,709	3,493	3,493	0	0	7,976	0	7,976
78 Batteriet 7 & 8	Umeå	Spårvägen 26 A & B	Spec.	0	1,872	1,872	0	0	4,376	0	4,376
79 Målås 4:4	Sundsvall	Förmanslänken 9A	Spec.	0	3,659	3,659	0	0	8,120	0	8,120
80 Östanvinden 5	Karlstad	Östanvindsgatan 4	1983	2,585	745	745	0	1,330	0	0	1,330
81 Basfiolen 7	Norrköping	Moa Martinsons gata 10 A	1983	4,196	541	541	0	1,318	0	0	1,318
82 Vasslan 1	Årsta	Sockengränd 2	1986	42,510	6,311	6,311	0	5,433	0	0	5,433
83 Värdshuset 3	Sundsvall	Värdshusvägen 5	1985	3,114	784	784	0	1,512	0	0	1,512
84 Sörby Urfjäll 38:2	Gävle	Elektrikergatan 4	1990	4,427	785	785	0	1,427	0	0	1,427
85 Källstalöt 1:6 & 1:7	Eskilstuna	Brunnsta 19	1975	82,992	17,932	17,932	32,200	0	0	0	32,200
86 Stenvreten 8:33	Enköping	Varggatan 17	2010	41,600	15,353	15,353	0	10,873	0	0	10,873
87 Rosersberg 11:81	Rosersberg	Metallvägen 31	2006	153,800	15,416	15,416	0	22,605	0	0	22,605
88 Rosersberg 11:116	Rosersberg	Metallvägen 60	2013	94,800	9,669	9,669	10,171	0	0	0	10,171
89 Statorn 31	Norrköping	Malmgatan 14	1972	55,697	6,976	5,835	0	15,708	0	0	15,708
90 Törsjö 2:49	Örebro	Paketvägen 1, 3	2004	172,620	30,784	30,784	55,255	0	0	0	55,255
91 Mosås 4:66	Örebro	Paketvägen 10	Spec.	0	7,355	7,355	0	0	8,885	0	8,885
92 Mosås 4:57	Örebro	Paketvägen 6	1970	31,199	4,302	4,272	12,089	0	0	0	12,089
93 Godsvagnen 6	Örebro	Terminalgatan 2	1992	65,916	9,894	9,894	19,600	0	0	0	19,600
94 Magneten 6	Umeå	Kontaktvägen 20	Land	3,500	588	588	0	0	0	0	0
95 Snesholm 1:16	Morgongåva	Molnebovägen 10/ Tjusarevägen 40	0	964	18,740	18,740	0	38,000	0	0	38,000
96 Lagret 1	Umeå	Depåvägen 1	1991	74,918	14,792	14,792	0	24,892	0	0	24,892
97 Sköns Prästbord 2:4	Sundsvall	Timmervägen 4	1973	29,899	18,768	16,845	0	24,600	0	0	24,600
98 Mätaren 6	Umeå	Mätarvägen 3	1977	56,852	13,335	11,538	24,484	0	0	0	24,484
99 Planeraren 2	Borlänge	Planerargatan 3	1979	64,122	25,091	25,091	0	32,758	0	0	32,758
100 Bleket 2	Karlstad	Brisgatan 4	1973	35,774	12,073	7,735	0	22,605	0	0	22,605
101 Frukthallen 3	Årsta	Frukthandlarvägen 3-9	1968	108,200	20,435	18,146	0	21,696	0	504	22,200
102 Mappen 3	Linköping	Köpetorpsgatan 8	1977	76,790	18,411	15,721	0	28,500	0	0	28,500
103 Jordbromalm 4:41	Jordbro	Lillsjövägen 52	Spec.	0	22,030	22,030	0	32,898	0	0	32,898
104 Slammertorp 3:3	Järfälla	Mejerivägen 5	2000	119,532	15,813	15,813	0	17,545	0	0	17,545
105 Korsberga 1	Västerås	Saltängsvägen 50	2011	51,802	7,840	7,840	0	10,100	0	0	10,100
106 Adaptern 1	Norrköping	Blygatan 25	1975	111,277	16,801	16,801	0	28,429	0	0	28,429
107 Mappen 4	Linköping	Köpetorpsgatan 6, 10	1979	61,619	13,764	13,186	22,388	3,165	0	0	25,553
Total, Stockholm Region				2,099,832		533,065 513,509 261,979 373,651 121,863					504 757,997

Type, m2

Distri-

bution Terminal Other Total

List of properties by region

vägen 4

Persbogatan 1-3

Rännarbanan 30

Helsingborg Landskronav 5, 7/

Ängelholm Produktionsvägen 10 m.fl.

25 A & B

Valueyear

Plantehuset 3 Helsingborg Mineralgatan 15, 17 0 14,200 18,149 18,149 0 30,400 0 0 30,400

Norra Varalöv 31:5 Ängelholm Produktionsvägen 11 2011 7,988 1,843 1,843 4,056 0 0 0 4,056 Rebbelberga 26:38 Ängelholm Framtidsgatan 5 1998 3,088 739 739 849 0 0 0 849

Fräsaren 12 Halmstad Fräsaregatan 6 Spec. 0 3,912 3,912 0 0 5,435 0 5,435

Total, Helsingborg Region 815,797 214,606 201,325 261,382 90,812 29,957 200 382,351

Helsingborg Bunkagårdsgatan 5 Spec. 0 12,487 12,487 0 28,250 0 0 28,250

Helsingborg Bunkagårdsgatan 1 1985 10,540 1,085 100 0 2,463 0 0 2,463

Taxable value, SEK T

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

0 5,995 5,995 0 3,380 0 0 3,380

11,519 3,718 3,718 0 6,782 0 0 6,782

96,915 25,829 19,999 50,056 0 0 0 50,056

131,209 36,856 36,856 43,927 14,545 0 0 58,472

1,296 120 120 0 0 0 200 200

86,569 22,873 17,150 25,690 0 0 0 25,690

Property Postal address Address

Björröd 1:205 Landvetter Västra Björröds-

Remmen 1 Åstorp Ji-Te gatan 9/

Kärra 1:23 Ängelholm Helsingborgsvägen

Vångagärdet 20 Helsingborg Landskronavägen 23,

Gothenburg

Helsingborg

Hästhagen 4, 5, Prop. merger

Norra Varalöv 31:11

etc.

Bunkagården Mellersta 2

Bunkagården Mellersta 1

Type, m2

Distri-

bution Terminal Other Total

Property Postal address Address

Sunnanå 12:51 Arlöv Flansbjersvägen

Sunnanå 12:52 Arlöv Flansbjersvägen

Sockret 4 Malmö Lodgatan 9-13/

10 and 12

Tånggatan 4

14-18

Jönköping

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB

Malmö

Valueyear

Sunnanå 1:20 & 1:21 Arlöv Tullstorpsvägen 110 Land 7,999 1,202 1,202 0 0 0 0 0

Taxable value, SEK T

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

Spec. 0 18,949 18,949 0 0 16,940 0 16,940

44,720 3,945 3,484 14,796 0 0 0 14,796

12,400 7,530 7,530 8,362 0 0 0 8,362

TOTAL 4,424,552 1,216,104 1,166,679 833,160 737,957 220,713 704 1,792,534

European highways Main rail routes

Logistics Distribution Terminal

⁷⁴

101

⁸⁶

¹³

28 29

56 57 59 64

¹⁷ ¹⁶

³³ ³⁴ ²² ³¹ ³⁵

Type, m2

bution Terminal Other Total

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB 29

Distri-

Property

Type, m2

Distri-

bution Terminal Other Total

List of properties by region

vägen 4

Persbogatan 1-3

Rännarbanan 30

Helsingborg Landskronav 5, 7/

Ängelholm Produktionsvägen 10 m.fl.

25 A & B

Valueyear

Plantehuset 3 Helsingborg Mineralgatan 15, 17 0 14,200 18,149 18,149 0 30,400 0 0 30,400

Norra Varalöv 31:5 Ängelholm Produktionsvägen 11 2011 7,988 1,843 1,843 4,056 0 0 0 4,056 Rebbelberga 26:38 Ängelholm Framtidsgatan 5 1998 3,088 739 739 849 0 0 0 849

Fräsaren 12 Halmstad Fräsaregatan 6 Spec. 0 3,912 3,912 0 0 5,435 0 5,435

Total, Helsingborg Region 815,797 214,606 201,325 261,382 90,812 29,957 200 382,351

Helsingborg Bunkagårdsgatan 5 Spec. 0 12,487 12,487 0 28,250 0 0 28,250

Helsingborg Bunkagårdsgatan 1 1985 10,540 1,085 100 0 2,463 0 0 2,463

Taxable value, SEK T

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

0 5,995 5,995 0 3,380 0 0 3,380

11,519 3,718 3,718 0 6,782 0 0 6,782

96,915 25,829 19,999 50,056 0 0 0 50,056

131,209 36,856 36,856 43,927 14,545 0 0 58,472

1,296 120 120 0 0 0 200 200

86,569 22,873 17,150 25,690 0 0 0 25,690

Property Postal address Address

Björröd 1:205 Landvetter Västra Björröds-

Remmen 1 Åstorp Ji-Te gatan 9/

Kärra 1:23 Ängelholm Helsingborgsvägen

Vångagärdet 20 Helsingborg Landskronavägen 23,

Gothenburg

Helsingborg

Hästhagen 4, 5, Prop. merger

Norra Varalöv 31:11

etc.

Bunkagården Mellersta 2

Bunkagården Mellersta 1

Type, m2

Distri-

bution Terminal Other Total

Property Postal address Address

Sunnanå 12:51 Arlöv Flansbjersvägen

Sunnanå 12:52 Arlöv Flansbjersvägen

Sockret 4 Malmö Lodgatan 9-13/

10 and 12

Tånggatan 4

14-18

Jönköping

PROPERTY OPERATIONS ANNUAL REPORT 2018 | CATENA AB

Malmö

Valueyear

Sunnanå 1:20 & 1:21 Arlöv Tullstorpsvägen 110 Land 7,999 1,202 1,202 0 0 0 0 0

Taxable value, SEK T

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

Spec. 0 18,949 18,949 0 0 16,940 0 16,940

44,720 3,945 3,484 14,796 0 0 0 14,796

12,400 7,530 7,530 8,362 0 0 0 8,362

Stockholm

Postal

Nattskiftet 11 Stockholm Elektravägen 11-23/

Terminalen 1 Hallsberg Hallsbergsterminalen

Drivremmen 1 Hägersten Drivhjulsvägen 17/

Basfiolen 7 Norrköping Moa Martinsons gata

Snesholm 1:16 Morgongåva Molnebovägen 10/

Frukthallen 3 Årsta Frukthandlarvägen

ADMINISTRATION REPORT ADMINISTRATION REPORT

address Address

Drivhjulsvägen 42

Västberga Allé 41

Tjusarevägen 40

3-9

12-20

10 A

Valueyear Taxable value, SEK T

Jordbromalm 4:33 Haninge Lillsjövägen 19 2005 157,267 18,273 18,273 23,547 0 0 0 23,547 Skogskojan 1 Östersund Grindvägen 3 Spec. 0 3,923 3,923 0 0 3,466 0 3,466

TOTAL 4,424,552 1,216,104 1,166,679 833,160 737,957 220,713 704 1,792,534

Rental value, SEK T

Contractual rent, SEK T

Logistics warehouse

13,689 36,265 35,134 0 25,617 0 0 25,617

Spec. 0 12,253 12,253 0 0 25,850 0 25,850

Spec. 0 25,946 25,946 0 0 33,123 0 33,123

4,196 541 541 0 1,318 0 0 1,318

964 18,740 18,740 0 38,000 0 0 38,000

108,200 20,435 18,146 0 21,696 0 504 22,200