ICA Real Estate completes land exchange with the City of Stockholm

On 12 June, ICA Real Estate completed a land exchange with the City of Stockholm where ICA Real Estate divests land for SEK 843 million and at the same time acquires land for SEK 371 million with a net cash flow effect of SEK 472 million. 

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 Årsta. The letter of intent means that ICA Real Estate acquires an additional parcel of land adjacent to Postgården 1 and divests land within Postgården 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 Årsta district and will be be a key hub and secure meeting place for residents and vistiors,” says Jan-Erik Hellman, CEO of ICA Real Estate.

The transactoin will give rise to a preliminary capital gain of just over SEK 500 million which will be recognised as an item affecting comparability in the Group’s operating profit for the second quarter of 2024. The transaction is liable for tax and will affect the tax expense for 2024 and paid tax for 2025. 

For more information
ICA Gruppen’s press service, telephone: +46 (0)10 422 52 52, e-mail: press@ica.se

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