Friday, 7 November 2025
Catella, one of Europe’s most active cross-border real estate investment managers, has reported continued growth despite a quieter transaction market in the third quarter of 2025. Under the leadership of newly appointed Group CEO Rikke Lykke, the company increased assets under management to SEK 160 billion (approx. €13.5 billion) and advanced its strategic repositioning toward long-term, fee-driven investment management. Speaking to investors and stakeholders, Lykke outlined a focused plan to grow AUM, concentrate on recurring revenues, and strengthen Catella’s market presence across twelve European countries — even as deal activity temporarily slowed.
Catella closed Q3 with SEK 160 billion (approx. €13.5 billion) in assets under management, up nearly SEK 4 billion (approx. €335 million) from the previous quarter. Operating profit for the quarter reached SEK 7 million (approx. €590,000) compared to SEK 19 million (approx. €1.6 million) in the same period of 2024 — a result linked primarily to lower transaction volumes.
“The European real estate market continued to stabilize, although transactional activity declined slightly — a temporary setback in our view,” said Rikke Lykke. “At the same time, assets under management grew to SEK 160 billion.”
Despite the softer transaction market, Lykke remains confident that improving macroeconomic conditions — particularly the easing of inflation and the stabilisation of long-term interest rates — will support investment activity across Europe.
“I maintain a positive outlook regarding the progression of the European real estate market,” he said. “Catella is well-positioned to capitalise on emerging market opportunities.”
Lykke outlined a strategy shift placing greater emphasis on expanding recurring revenue streams, strengthening the company’s investment platform, and deepening institutional partnerships. A key part of this shift is integrating Catella’s Principal Investments division into the company’s investment management operations at the end of the year.
“Catella does not intend to independently own or develop real estate assets,” Lykke explained. “The aim of the investments is to grow assets under management… and secure long-term asset management mandates.”
The change will allow Catella to use seed capital and co-investments to develop new funds and mandates, while keeping the company’s core focus squarely on investment management.
The Investment Management division delivered stable earnings, with operating profit of SEK 31 million, only slightly below the previous quarter. Catella also secured several new mandates that strengthened its base of recurring fees, even as lower transaction revenues affected the quarterly outcome.
Lykke noted that efficiency improvements helped offset weaker deal flow and expressed confidence that transactions will rebound.
“Transactional activity is expected to improve during the fourth quarter and in 2026.”
Catella reported progress on disposing of assets in the Principal Investments portfolio and said stabilizing property valuations are creating a favourable environment for new opportunities.
“Property valuations have reached a stable equilibrium,” Lykke said. “We have established a robust platform for pursuing new, attractive investment opportunities.”
The company also strengthened its leadership team. During Q3, Daniel Gorosch took over as Head of Corporate Finance Europe, and Catella announced the appointment of Dominik Röhrich as the next Head of Investment Management, effective March 2026.
In his first quarterly statement as CEO, Lykke reiterated that Catella’s strength lies in its people, pan-European reach, and balance sheet.
“Catella operates as a people-oriented business,” she said. “We are strategically positioned to capitalise on emerging opportunities, with a clear emphasis on expanding assets under management.”
With a strong capital position and a sharpened strategic focus, Catella expects a busier deal environment in late 2025 and into 2026.
