ICA Real Estate completed a land exchange with the City of Stockholm where ICA Real Estate divests land for c. €75m and at the same time acquires land for c. €33m with a net cash flow effect of c. €42m.
In 2013, ICA Real Estate signed a land allocation agreement and letter of intent on a reparceling with the City of Stockholm involving the divestment and acquisition of land in Arsta. The letter of intent means that ICA Real Estate acquires an additional parcel of land adjacent to Postgarden 1 and divests land within Postgarden 1 to the City of Stockholm.
ICA Real Estate plans a food retail outlet on the ground floor as well as 300 homes above the store through a three-dimensional property formation. The residential project will be run as a Joint Venture with the housing development company Nordr.
“We are very pleased that we are now finally able to take the next step in the development of the new ICA store with adjacent retail outlets and service. The store will become the heart of the new Asta district and will be be a key hub and secure meeting place for residents and visitors,” said Jan-Erik Hellman, CEO of ICA Real Estate.
Image source - Pexels.
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