Rimi Baltic sells Deglava logistics center and office in Riga to East Capital Real Estate Fund IV

Rimi Baltic has sold it’s central logistics and office facilities in Riga to East Capital Real Estate Fund IV through a sale and leaseback transaction under a 15-year lease agreement. The property area amounts to 94,000 square meters.    

−We are pleased about the transaction and look forward to a good long-term cooperation with East Capital Group. Importantly, the transaction also frees up capital to reduce the net debt for ICA Gruppen, the owner of Rimi Baltic, says Giedrius Bandzevičius, CEO Rimi Baltic.

The net effect of the transaction on the ICA Group’s cash flow amounts to approximately EUR 83 million (approximately SEK 950 million) during the fourth quarter of 2023. Group’s net debt (excluding ICA Bank and IFRS 16 lease liabilities) is expected to decrease by EUR 83 million (approximately SEK 950 million). Including IFRS leasing liabilities, net debt will decrease by EUR 26 million (approximately SEK 300 million).

East Capital Group took possession of the property on 7 December 2023.

Sorainen and Vilgerts law firms 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.