Axfood sells remainder of its real estate holdings
Axfood and Crown NorthCorp Ltd today signed a letter of intent on the sale of the remainder of Axfood's real estate holdings. The intention is to reach a final agreement before the end of the year.
Axfood's real estate holdings currently have a book value of SEK 500 m, and their sale will have a substantial earnings effect.
The real estate holdings comprise 93 properties, of which 17 are used by businesses that are wholly owned by Axfood.
"Through this sale we will release capital that we can use to further develop our retail trade businesses. This is entirely in line with Axfood's long-term strategy," comments Lars Nilsson, Executive Vice President and CFO of Axfood.