ICA Real Estate and Bonnier Fastigheter form Trecore Fastigheter, with ICA as main tenant

ICA Real Estate and Bonnier Fastigheter are forming a new, jointly owned property company, Trecore Fastigheter. Initially the company will acquire 44 store properties from ICA Real Estate. Trecore Fastigheter is 50%-owned each by ICA Real Estate and Bonnier Fastigheter. The aim of the company is to acquire and own ICA stores at strategic locations, with ICA as the main tenant.

The deal is a natural step 2 in the acquisition of Secore Fastigheter, which ICA Gruppen announced on 20 September 2021, see the press release here.

“The formation of Trecore Fastigheter creates conditions for ICA to maintain influence over its marketplaces at the same time that we free up capital. We are looking forward to a long and fruitful cooperation with Bonnier Fastigheter,” comments Anna Nyberg, CEO of ICA Real Estate.

The 44 store properties that are being acquired by the jointly owned company comprise more than 150,000 square metres, with a combined property value of around SEK 5 billion. Trecore Fastigheter will take possession of the 44 store properties on 1 April 2022.

The net effect of the deal on the Group’s cash flow will amount to approximately SEK 1.4 billion during the second quarter of 2022. At the same time, the Group’s net debt (excluding ICA Bank) will decrease by SEK 1.4 billion excluding IFRS 16 Leases. Including IFRS 16, net debt will be unchanged.

The deal will have only a marginal impact on consolidated operating profit excluding items affecting comparability, including IFRS 16. However, a capital gain of approximately SEK 300 million will arise, which will be recognised as an item affecting comparability in consolidated operating profit for the second quarter. Trecore Fastigheter is a joint venture and will be reported in accordance with the equity method.

ICA Real Estate has since previously included the company Ancore Fastigheter, which is jointly owned with the occupational pensions company Alecta.

Mannheimer Swartling, Bright Advokat and Pangea Property Partners have served as advisers for the deal.

For more information

ICA Gruppen press service, telephone number: +46 (0)10 422 52 52, email: press@ica.se
Frans Benson, Head of Investor Relations, telephone number: +46 (0)8 561 500 20 icagruppen.se

This information is such that ICA Gruppen AB is obligated to make public in accordance with the EU Market Abuse Regulation. The information was submitted for publication by the contact person above at 14:00 CET on Friday, 1 April 2022.