Nordic retail specialist ICA Real Estate has sold 12 Swedish store properties worth SEK 1.05 bn (€107 mln) to Secore Fastigheter – a company it owns together with Swedish pension fund Första AP-fonden (API).
ICA Real Estate will realise a net capital gain of around SEK 150 mln from the sale which will be effected during the second quarter of 2017.
The 12 properties have a combined GLA of around 38,400 m2, with ICA supermarkets and Apotek Hjärtat as the main tenants.
‘The sale is in line with ICA Real Estate’s strategy to maintain influence over the marketplaces at the same time that capital is freed up for future investments,’ said Lena Boberg, CEO of ICA Real Estate. ‘The transaction is also in line with Secore Fastigheter’s long-term strategy to own, develop and strengthen marketplaces in which ICA is the primary tenant.’
Following the acquisition, Secore Fastigheter will own 25 store properties with 93,900 m2 of GLA and a property value of some SEK 2.2 bn.
AP1 is one of five buffer funds in the Swedish national income pension system with assets under management of SEK 290 bn, consisting of equities, fixed income securities and alternative investments that include real estate.
