Swedish company ICA Real Estate has announced the sale of two warehouse properties, Viby 19:106 and Arendal 13:3, to Catena through a sale and leaseback transaction. As part of the deal, ICA Real Estate has signed two seven-year leases with Catena. The properties, which have a combined area of over 24,600 square meters, will be transferred to Catena on February 1, 2023.
Anna Nyberg, CEO of ICA Real Estate, commented on the sale: “The Viby and Arendal warehouse properties are two, new modern buildings with a pronounced environmental profile that have been developed in accordance with ICA Real Estate’s mission to satisfy ICA’s need for the right premises in strategically important locations. We have a good record of experience with Catena as a lessor and look forward to continued fruitful cooperation. The deal frees up capital to reduce the Group’s net debt.”
The Viby 19:106 building, located in Upplands-Bro, measures 7,335 square meters, while the Arendal 13:3 building in Gothenburg measures 17,307 square meters. The Arendal 13:3 building recently earned the highest environmental certification, Breeam Outstanding, while the Viby warehouse is currently undergoing certification for Miljöbyggnad Silver.
Catena is already the lessor for ICA’s warehouses in Kungälv, Linköping, Kallhäll, and Borlänge. The net effect of the transaction on the Group’s cash flow is estimated to be approximately SEK 0.5 billion in the first quarter of 2023, and the Group’s net debt (excluding ICA Bank and IFRS 16 lease liabilities) is expected to decrease by SEK 0.5 billion. Including IFRS lease liabilities, net debt will decrease by SEK 0.4 billion.
The transaction will result in a capital gain of approximately SEK 100 million, which will be recognized as an item affecting comparability in the Group’s operating profit for the first quarter of 2023. The effect on the Group’s operating profit excluding items affecting comparability is expected to be negligible.
ICA Gruppen is a leading retail company in the Nordic countries, with a focus on food and health. The Group includes ICA Sweden and Rimi Baltic, which primarily conduct grocery retail, ICA Real Estate, which owns and manages properties, ICA Bank, which offers financial services, ICA Insurance, and Apotek Hjärtat, which conducts pharmacy business. In 2021, ICA Gruppen had sales of approximately SEK 128 billion. For more information, visit icagruppen.se. AG Advokat and CBRE served as advisers for the transaction.
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