Nordic retail property specialist Ica Real Estate has announced the sale of a portfolio of 44 grocery stores all over Sweden to Trecore Fastigheter, a 50-50 joint venture between Ica and Bonnier Fastigheter, for SEK 5 bn (€485 mln).
Trecore Fastigheter has been established with the aim to acquire and own ICA stores at strategic locations, with ICA as the main tenant, the retail specialist said in a statement.
‘The formation of Trecore Fastigheter creates conditions for ICA to maintain influence over its marketplaces at the same time that we free up capital. We are looking forward to a long and fruitful cooperation with Bonnier Fastigheter,’ commented Anna Nyberg, CEO of ICA Real Estate.
The 44 store properties that are being acquired by the jointly owned company comprise more than 150,000 m2.
As a result of the deal, the Group’s cash flow will rise by SEK 1.4 bn during the second quarter of 2022. At the same time, the Group’s net debt (excluding ICA Bank) will decrease by SEK 1.4 bn excluding IFRS 16 Leases. Including IFRS 16, net debt will be unchanged.
Pangea Property Partners acted as financial advisor to the seller.
