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.

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