ICA finalizes sale of properties to Standard Life Investments European Property Growth Fund (EPGF)
ICA finalizes sale of properties to Standard Life Investments European Property Growth Fund (EPGF) Stockholm, May 28, 2008
The sale of the properties to EPGF in 2007 has now been finalized.
EPGF, a fund managed by Standard Life Investments, purchased the properties in Västerås and Gävle on May 31, 2007, as announced in a press release on May 9, 2007. The development project included in the sale of the Gävle property is now complete. The agreement to expand the Gävle property positively affects ICAs operating income by approximately SEK 45 million during the second quarter of this year.
In November 2007 properties in Falun and Kungsbacka were also sold to EPGF, as announced in a press release on November 28, 2007. Closing on these properties is scheduled for May 31 of this year. This sale positively affects ICAs operating income by approximately SEK 60 million during the second quarter of this year.
For further information, please contact: ICAs press hotline, phone +46 70 253 66 60
----------------------------------------------------------------------------------------------------- About ICA The ICA Group (ICA AB) is one of the Nordic regions leading retail companies, with around 2,250 of its own and retailer-owned stores in Sweden, Norway and in the Baltic States. The Group includes the retail companies ICA Sverige, ICA Norge and Rimi Baltic. ICA also offers financial services to Swedish customers through ICA Banken. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold N.V. of the Netherlands. According to a shareholder agreement, Royal Ahold and Hakon Invest jointly share controlling influence over ICA AB. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se