A new real estate company, set up by investment bank Pareto Securities, has acquired a portfolio of grocery stores in Finland for €767m.
Cibus Nordic Real Estate, a grocery-anchored real estate specialist in the Nordic market, has bought the property portfolio from Sirius Fund I Grocery and Sirius Fund II.
The assets comprise 123 grocery stores across southern Finland and include a gross lettable area of around 440,000sqm.
The acquisition was financed with a share issue of €311m. In connection with the acquisition, Cibus obtained senior unsecured bond financing of €135m and bank financing of €308m.
The company will be managed by CEO Lisa Dominguez Flodin and Sirius Capital Partners with Rickard Backlund as chairman of the board.
Backlund, said: “Cibus is positioned for growth with its strong micro-locations, grocery-anchored cash flow and logistic characteristics.
“Adding the increase of postal and parcel shipments underpins the importance of these assets in an environment with increasing e-commerce volumes.”
Cibus is expected to be listed on Nasdaq First North Stockholm on March 9.