Vendus Sweden AB has agreed to acquire a portfolio of 51 retail properties at an underlying value of approximately €248m, in a transaction that will also bring two major new shareholders onto its register and push its total portfolio value to around €589m.
The acquisition comprises 35 properties from Trecore Fastigheter, a joint vehicle owned by ICA Fastigheter and Bonnier Fastigheter, acquired at approximately €156m, alongside 16 properties purchased directly from ICA Fastigheter for €92m. All 51 assets are fully let to ICA under long-term leases, delivering immediate income security and a post-transaction economic occupancy rate of approximately 97%. Following completion, grocery retail will account for roughly 81% of Vendus' rental income, cementing its standing as a specialist in the segment alongside existing principal shareholders Nordika and MEL & ME.
"This is a significant acquisition for Vendus. The transaction is a clear result of long-term and focused efforts to build Vendus into an attractive platform within grocery and retail real estate, with the retail destination at the centre of our in-house asset management. ICA Fastigheter's and Bonnier Fastigheter's decision to become shareholders is a strong validation that what we deliver creates real value for both our shareholders and tenants. With a strengthened ownership base, an expanded portfolio and a clear market position, we will now evaluate strategic alternatives for Vendus' continued development and growth journey," said Mattias Bülow, CEO of Vendus.
For investors and developers, the structural logic of the deal merits close attention. The conversion of two major vendors into shareholders, rather than simply selling and exiting, is a strong signal of conviction in long-term value. It also points to a potential IPO or recapitalisation trajectory: Bülow's reference to evaluating "strategic alternatives" after closing, combined with the broadened institutional ownership base, suggests Vendus is positioning itself for a capital markets event. The portfolio's defensive characteristics, a near-full occupancy rate and grocery-anchored income make it a compelling candidate for public markets or a secondary transaction at scale.
Closing is expected on 1 July, subject to approval under the Swedish foreign direct investment (FDI) regime. ICA Fastigheter and Bonnier Fastigheter will be proposed for board representation at an extraordinary general meeting following completion. Wigge & Partners acted as legal adviser to Vendus, with Svalner Atlas providing tax advisory and Bernstrom & Partners handling due diligence.
People mentioned
- Mattias Bülow, CEO, Vendus Sweden AB
Companies mentioned
- Vendus Sweden AB, Swedish retail and grocery real estate company
- ICA Fastigheter, property arm of the ICA Group, vendor and incoming shareholder
- Bonnier Fastigheter, property company and incoming shareholder
- Trecore Fastigheter, joint property vehicle owned by ICA Fastigheter and Bonnier Fastigheter
- Nordika, existing principal shareholder in Vendus
- MEL & ME, existing principal shareholder in Vendus
- Wigge & Partners, legal adviser to Vendus
- Svalner Atlas, tax adviser to Vendus
- Bernstrom & Partners, due diligence provider to Vendus
