Listed property corporation Kungsleden AB is acquiring 27 properties from northern European food provider ICA. The purchase price is SEK 580 m including transaction costs, at an estimated property yield of 7.25 percent.
The properties are primarily ICA Supermarket and ICA Kvantum outlets. Total floor-space is over 57,000 sq.m. with rental values of nearly SEK 56 m. ICA signed rental agreements on all properties coincident with the transaction, with an average term of eight years.
"We're divesting these properties to free up capital to invest in new stores and hypermarkets, and we're delighted that a skilled landlord is taking over in these locations,"said Bo Liffner, CEO of ICA Fastigheter AB.
Kungsleden's Chief Executive Jens Engwall said: "I'm very pleased we could complete this deal, and thereby increase the retail share of our property portfolio."