Dixons Retail plc, Europe's largest specialist electrical retailer and services company, announces that it has exchanged contracts with a syndicate of investors advised by Ness Risan & Partners AS for the sale and leaseback of the company holding its Nordic distribution center in Jönköping, Sweden.
The sale and leaseback is expected to be completed on June 23, 2011. The total cash consideration payable on completion is expected to be approximately SEK 600 million (approx. 66 million) in cash. The estimated book value of the property as at May 31, 2011 was SEK 214.5 million.
The property has a lettable area of almost 100,000 m² and it is a modern distribution center. The object is located in Torsvik industrial area, a well-known logistics hub.
Scandinavian Property Group has been the adviser to the buyer.
DTZ has been the adviser to the seller.