Catella, the Swedish financial group, has announced the establishment of a property platform in Spain and Portugal, which will focus on property investment and asset management on behalf of both domestic and foreign investors.
The new business will be headed by Javier Hortelano, who has joined Catella from PwC, where he worked as a partner in Real Estate Transaction Services. Previously he was at Redevco, including as COO overseeing investment management across main markets in Europe. He also chairs the Spanish Council of Shopping Centres and Retail Parks, a position he retains.
Timo Nurminen, head of Property Investment Management at Catella, said: “We are continuously evaluating expansion to new and selected regional markets. The Spanish market is in a recovery phase; business activity and investment volumes are growing, including large inflow of foreign capital. The establishment of property asset management operations in Spain is based on our successful launch of a similar business in France in early 2014. Given Javier’s experience and the similarity of the markets, we also see Portugal as a natural expansion for our Iberian business.”
The new business will be based in Madrid, but will be independent of Catella’s existing property advisory business in Spain. Currently Catella’s Property Investment Management business area has some €3.1bn of AUM, and operations in Germany, Finland, France, Denmark, Spain and the Baltics.