ING Real Estate buys property from Coop Norden for SEK4.2 bln (NL/SE)

Coop Norden has now completed the sale of property for which the preparatory work has been carried out this autumn. The purchaser is ING Real Estate. The purchase price amounted to SEK 4.2 billion.

"We have carried out a successful commercial deal with a serious and long-term purchaser", comments Finance Director Erik Skånsberg.
"The deal has aroused considerable interest and we are very pleased with the agreement that has been signed".

"By realising funds from the sale of our property portfolio we now have the opportunity to invest in our core activities. Our customers and members will benefit from this deal. We will, among other things, invest in our stores and our product range in order to make the Coop even more competitive in the Scandinavian retail market".

Coop Norden has sold a third of its property portfolio. This deal involves a total of 129 properties in Sweden, of which 4 are logistics premises, 13 are hypermarkets and 112 smaller stores, all which have now been transferred to ING. The total lettable area covers 527 000 square metres.

The purchaser, ING Real Estate, is the world's biggest property owner with a property portfolio worth approx. SEK 550 billion. A large percentage of these properties are retail properties. The deal is being financed 100% from equity funds.

Prior to this deal, ING did not own any property in Sweden but intends to set up property operations in Sweden, including an office in Stockholm.

"We are looking forward to cooperating with ING as a long-term partner", concludes Erik Skånsberg.

Source: Coop Norden

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