Swedish listed property firm Sagax has spent SEK 1030 mln (€101 mln) in the acquisition of a Ikea store in Spain as well as 10 other assets distributed across the Netherlands, France, Sweden and Spain.

David

David

In the largest deal, Sagas bought an Ikea facility in Palma de Mallorca in a share deal worth SEK 510 mln. The asset is occupied by Ikea on a 25-year lease running until 2036 and generates SEK 32 mln in annual rents.

The property - the only Ikea facility on the Balearic Islands - comprises 15,400 m2 of lettable space and 425 parking spaces.

‘IKEA is an exceptionally strong brand and has, in our opinion, a special position for many people,’ said Sagax CEO David Mindus. ‘It is rare that we get the opportunity to invest in such a facility. The investment will contribute to Sagax's earnings and cash flow in the foreseeable future. The acquisition builds on the business that we started in Spain 2 years ago and which today is a successful and growing part of Sagax.’

Furthermore, through separate transactions, Sagax has acquired four properties in the Netherlands, three properties in Paris, two properties in Stockholm and one property in Madrid for a total of SEK 520 mln. The properties offer a lettable area of 44,200 m2, mainly for warehousing and industrial purposes.

The portfolio is 95% let and provides SEK 33.5 mln of annual rents.