Swedish pension fund AMF and Nordic property group ICA Real Estate are partnering to set up a company planning to buy and own retail stores and other commercial properties.
The 50:50 partnership will jointly own Delcore Fastigheter, a company which intends to acquire an initial portfolio of 30 stores from ICA Real Estate worth around SEK5bn (€463m).
The plan for Delcore Fastigheter is to acquire and own ICA stores and other commercial properties in strategic locations where retailer ICA is the main tenant.
The new partnership adds to ICA Real Estate’s previous jointly owned companies which include Ancore Fastigheter, a company jointly owned with the occupational pensions company Alecta, and Trecore Fastigheter, which is owned with Bonnier Fastigheter.
AMF also owns a 12.7% stake in ICA Real Estate’s parent ICA Gruppen.
Anna Nyberg, ICA Real Estate’s CEO said: “ICA Real Estate’s mission is to satisfy the group’s long-term need for the right premises in the right locations. Through the formation of Delcore Fastigheter we are creating conditions for ICA to maintain influence over its marketplaces at the same time that we free up capital to reduce the group’s net debt.
“We have very good experience of cooperating with jointly owned companies and look forward to a long and rewarding cooperation with AMF.”
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