ICA Real Estate sells logistics property in Västerås to Genesta

ICA Real Estate has sold the logistics property Saltängen 1, ICA’s warehouse facility in Västerås, to Genesta through a so called sale and lease back transaction in which ICA Real Estate has signed a 15-year lease agreement with Genesta. The property area amounts to approximately 101,000 square metres.

− We are happy about the transaction and the signing of a long-term lease agreement, and look forward to a good co-operation with Genesta. The deal frees up capital to reduce ICA Gruppen’s net debt, says Mattias Lundgren, acting CEO ICA Real Estate.

−ICA Sweden logistics continues its important operations at the ICA warehouse in Hacksta, Västerås. I am delighted that, through the 15-year lease, we are given the conditions to continue developing both our support to the ICA stores and our logistics unit as a workplace for the long term, says Emma Lindström, director logistics ICA Sweden.

The net effect of the transaction on the Group’s cash flow amounts to approximately SEK 1.2 billion during the fourth quarter of 2023. At the same time, the Group’s net debt (excluding ICA Bank and IFRS 16 lease liabilities) is expected to decrease by SEK 1.2 billion. Including IFRS leasing liabilities, net debt will decrease by SEK 0.4 billion.

The transaction will result in a a capital gain of approximately SEK 70 million (post IFRS 16) which will be reported as an item affecting comparability for the Group in the fourth quarter of 2023. The effect on the Group’s operating profit excluding items affecting comparability is expected to be negligible.

Genesta took possession of the property on 13 October 2023.

Colliers and Bright Advokat have served as advisers for the transaction.

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

icagruppen.se

ICA Gruppen AB (publ) is one of the leading retail companies in the Nordics with a focus on food and health. The Group includes ICA Sweden and Rimi Baltic which mainly 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 operations. In 2022, ICA Gruppen had a turnover of approximately SEK 136 billion. For more information, see icagruppen.se.