Cibus acquires five grocery stores in Denmark for an underlying property value of c. €14.5m. The properties are acquired from the grocery chain Dagrofa in a sale and leaseback deal, and the closing date is October 1.
The five properties are located in Aarhus, Esbjerg, Grena, Helsingor and Tonder and have a lettable area of c. 6,400m2. The tenant is Dagrofa, which is investing in extensive store renovations for new concepts in the four Spar stores and one Meny store. The average remaining lease term is approximately 9.5 years and the acquisition is financed with a loan-to-value ratio of c. 50% in a bank.
"We are pleased to announce that Cibus continues its growth journey and acquires a property portfolio of modern grocery stores in Denmark. The properties are sold by our largest tenant in Denmark, Dagrofa, and contain 100% groceries," said Christian Fredrixon, CEO of Cibus.
Written by Leon Goldwater for Europe Real Estate.
Image source - Pexels.
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