Catena

What Catena does

Catena AB (publ) is a Swedish listed logistics property company (Nasdaq Stockholm: CATE) headquartered in Helsingborg, founded in 1984. The company develops, owns, and manages logistics facilities across the Nordic region, with a portfolio of 138 properties and 2,303 thousand m² of environmentally certified lettable area as of end-2025. Its facilities include terminals, logistics warehouses, distribution centres, cold storage, automated warehouses, and city logistics assets, organized across five regional offices in Sweden and operations in Denmark and, as of 2026, Finland following the SEK 8.8 billion Urban Partners portfolio acquisition.

Catena generates revenue primarily through long-term leases of logistics properties to enterprise tenants, with 2025 rental income of SEK 2,651 million, up 21% year-over-year, and profit from property management of SEK 1,613 million, up 28% year-over-year. All new construction in Sweden is BREEAM-SE certified, larger projects carry NollCO2 certification, and the company operates within the EU taxonomy for carbon calculations, with a target of net zero by 2040 aligned with the Science Based Targets initiative. The company is investment-grade rated BBB with stable outlook by Fitch (affirmed February 2026), operates a Green Finance Framework reviewed by Cicero, and funds growth through a combination of directed share issues (SEK 2.1B in March 2024, SEK 3.1B in August 2024, SEK 9B in January 2026), an MTN programme, green loans, and a Commercial Paper Programme.

Catena's customer base is concentrated in large Nordic enterprise tenants in e-commerce (Boozt, Apotea, Nelly, MEDS), grocery and foodservice (ICA, Chefs Culinar), freight and parcel (PostNord, DHL Freight, Bring, Instabox), and 3PL (Nowaste Logistics, Seafrigo). Its strategic shareholder base includes WDP (since 2022) and other Nordic institutional investors such as Nordiska investeringsbanken, Swedbank Robur, and Cliens Kapitalförvaltning. Average lease term on the recently acquired portfolio is approximately 11 years, and the company maintained 96.7% occupancy through 2025 with CPI-linked rental contracts supporting inflation-protected revenue growth.

Name

Catena

Legal name

Catena AB (publ)

Website

https://catena.se

Company type

Public

Founded year

1984

Headcount range

51–100 employees

Short description

Catena AB (publ) is a Swedish listed logistics property company (Nasdaq Stockholm: CATE) that develops, owns, and manages sustainable logistics facilities in Sweden, Denmark, and Finland, leasing them primarily to large enterprise tenants in e-commerce, grocery, freight, and 3PL under long-term contracts.

Ownership category

akta.pro rank

Headquarters

HQ city

Helsingborg

HQ country

Sweden

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Logistics Property Rentals: Primary revenue from renting logistics warehouse and terminal facilities to tenants across Sweden, Denmark, and Finland. Rental income grew 21% to SEK 2,651 million in 2025, driven by acquisitions and CPI-linked rental contracts. Properties are strategically located near major transport routes and city hubs.
2. Property Management Services: Profit from property management increased 28% to SEK 1,613 million in 2025, indicating strong operational performance and effective cost management across the property portfolio.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels6 records

Core offering

Catena develops, owns, and manages a Nordic portfolio of modern, sustainable logistics facilities including terminals, logistics warehouses, distribution centers, cold storage, automated warehouses, and city logistics properties. The company leases these strategically located facilities along key transport routes in Sweden, Denmark, and Finland to enterprise tenants such as e-commerce firms, logistics operators, retailers, and freight carriers. Catena also offers environmentally certified new construction (BREEAM-SE, NollCO2) and green financing instruments including a Green Finance Framework, MTN Programme, and Commercial Paper Programme.

Product overview

Catena is a Swedish listed logistics property company that owns, develops, and manages efficient logistics facilities in a sustainable and long-term manner. The company's core offering is a portfolio of strategically located logistics properties across the Nordic region, comprising various facility types including terminals, logistics warehouses, distribution centres, cold storage, automated warehouses, and city logistics facilities. Catena's property portfolio is supported by green financing products including a Green Finance Framework, MTN Programme, and Commercial Paper Programme. The company also offers environmental certification services through BREEAM-SE and NollCO2 standards for new construction projects. As of 2025, Catena entered the Finnish market through a major acquisition of 20 logistics properties, expanding its Nordic footprint significantly.

Differentiator

Problem solved

Functional benefit

Products and services

• Logistics Properties (Terminals)
• Logistics Warehouses
• Distribution Centres
• Cold Storage Facilities
• Automated Warehouses
• City Logistics Facilities
• Green Finance Framework
• MTN Programme
• Commercial Paper Programme

Quantifiable outcome

• 21% increase in rental income to SEK 2,651 million in 2025
• +3 more outcomes

Named customers19 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

13 partnerships are on record, tiered core, major and minor.

• KPMGcoreOthers · 6 March 2026Audit firm proposed for re-election at the 2026 AGM, with Camilla Alm-Andersson proposed to serve as auditor in charge.
• Urban PartnersmajorOthers · 19 February 2026Seller of a 20-property Nordic logistics portfolio to Catena for approximately SEK 8.8 billion. The portfolio spans Sweden, Denmark, and Finland with 612,000 m² lettable area. This represents the largest direct logistics portfolio sale in the Nordics in nearly five years.
• Ontario Teachers' Pension PlanminorOthers · 19 February 2026Ontario Teachers' acquired a separate five-property portfolio totaling 118,000 square meters in Sweden and Denmark from Urban Partners alongside operating partner Fokus Nordic, with combined transactions exceeding €1 billion.
• PlatzermajorStrategic or Co-development PartnerJoint venture partner in Sörred Logistikpark where Catena and Platzer each own 50%. The JV has developed approximately 136,000 sqm of logistics space across five properties. Platzer exercises a right of first refusal to acquire completed projects at market value.
• JLLcoreImplementation/ SI/ Consulting PartnerJLL acted as sell-side advisor to Urban Partners on the landmark Nordic logistics portfolio transactions, including advising on the approximately €830 million sale to Catena.
• Fokus NordicminorStrategic or Co-development PartnerOperating partner to Ontario Teachers' Pension Plan for the acquisition of a five-property logistics portfolio in Sweden and Denmark.
• ABT BolagencoreStrategic or Co-development PartnerMain contractor for Stockholm Syd logistics area development, carrying out groundworks, internal roads, and utility installations. Collaboration resulted in over 80% reduction in climate impact from groundworks through use of HVO100 fuel and electric machinery.
• EABcoreStrategic or Co-development PartnerConstruction contractor that won Catena's Reuse Challenge for innovative reuse of load-bearing steel structures. EAB created five load-bearing columns from eight steel profiles from Karlatornet construction, achieving 22,670 kg CO₂e reduction.
• Olofsson ByggcoreStrategic or Co-development PartnerConstruction contractor that won Catena's Reuse Challenge for the Boozt project in Ängelholm. Achieved 9,650 kg CO₂e savings through comprehensive reuse solutions including building components, supplier circular products, and second-hand materials.
• Morgongåva FöretagsparkcoreStrategic or Co-development PartnerLocal stakeholder collaborating with Catena on energy sharing research at logistics facilities in Morgongåva. Project explores using surplus solar energy to benefit the local community through heat conversion.
• Sala-Heby EnergicoreStrategic or Co-development PartnerLocal energy company collaborating on Morgongåva energy sharing project. Interested in solutions other than biomass combustion to meet community energy needs.
• Göteborgs universitetcoreStrategic or Co-development PartnerAcademic research partner in the Morgongåva energy sharing project, working on smart and resource-efficient energy solutions for logistics facilities.
• Uppsala universitet / STUNScoreStrategic or Co-development PartnerAcademic partners (Uppsala University and Foundation for Collaboration between Universities, Business and Society) driving the Morgongåva energy sharing research project.

Scale indicators14 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• GLP (Global Logistic Properties): Global logistics real estate platform with significant European presence. Provides a global capital-markets and development benchmark for Catena's ambitions to scale the Nordic platform beyond organic growth.
• Castellum: Sweden's largest commercial property company with a diversified portfolio including logistics, office, and retail assets. Comparable to Catena as a Nordic listed real estate operator but with a much broader and more office-weighted portfolio mix.
• Balder: Major Swedish commercial real estate company with exposure to logistics, residential, and commercial assets across the Nordics and Europe. Comparable in scale and capital-markets profile to Catena but with a more diversified and larger portfolio.
• Prologis: Global market leader in logistics real estate with activities across the Americas, Europe, and Asia. Prologis provides a global benchmark for valuation, tenant relationships, and technology investment relevant to scaling Catena's Nordic platform.

Direct peers

• Sagax: Swedish/Dutch industrial and logistics real estate company that acquires, develops, and manages income-producing properties via triple-net leases. Sagax is the most directly comparable Nordic competitor to Catena given its focus on logistics-heavy assets in the same geographies.
• Cibus Nordic Real Estate: Nordic-focused real estate company primarily investing in grocery-anchored and logistics properties in the Nordics and DACH region. Closely comparable in geographic focus, asset class, and listed-REIT structure to Catena.
• Logicenters: Nordic logistics and industrial real estate developer and owner backed by NREP. Logicenters builds and leases modern logistics facilities across the Nordics and competes for the same tenants and locations as Catena.
• Nyfosa: Swedish commercial property company investing in light commercial, warehouse, and logistics assets across the Nordics. Comparable to Catena in size, geography, and asset-mix with a focus on income-producing commercial real estate.
• Warehouses De Pauw (WDP): Belgium-headquartered European logistics property REIT and Catena's largest shareholder since 2022. WDP operates a pan-European portfolio of warehouses and logistics hubs, making it the closest functional and business-model peer for Catena's Nordic logistics strategy.

Regional players

• Fabege: Swedish commercial property company with a heavy Stockholm office focus. Less directly comparable on logistics but operates in the same Nordic institutional real estate universe and competing investor capital pool.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights7 records

Customer concentration

• Xx.com/catenaab
• LinkedInlinkedin.com/company/catena-ab

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries3 records

Funding overview

Funding rounds6 records

Investors7 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Catena