Sweden’s ICA Real Estate has divested four retail properties to Delcore Fastigheter, a property company jointly established by ICA Real Estate and occupational pensions company AMF.
The properties, encompassing a total area of 15,373 m2 and valued at approximately SEK 520 mln (€45 mln), include Maxi ICA Stormarknad in Falköping, ICA Kvantum Frölunda, ICA Kvantum Landvetter and ICA Supermarket Eksjö.
Jan-Erik Hellman, CEO of ICA Real Estate, said: ‘We have enjoyed an excellent collaboration with AMF since we formed Delcore Fastigheter almost two years ago and are pleased that we can now strengthen our jointly owned company with an additional four retail properties. Through this transaction, we are creating conditions to maintain influence in the marketplaces at the same time as releasing capital for ICA to reduce the Group’s net debt.’
This transaction will generate a net cash inflow of approximately SEK 390 mln (€34 mln) for the Group in the fourth quarter of 2024, resulting in a capital gain of SEK 20 mln (€1.7 mln).
Delcore Fastigheter will assume ownership of the properties on 1 December 2024.
Beyond Delcore Fastigheter, ICA Real Estate also holds joint ventures with other partners: Ancore Fastigheter (with occupational pensions company Alect), and Trecore Fastigheter (with Bonnier Fastigheter). AMF, one of Delcore Fastigheter's partners, also holds a 12.7% stake in ICA Gruppen.
