ICA Real Estate buys property in Göteborg and has the intention to start new real estate company together with outside investors
ICA Real Estate buys property in Göteborg and has the intention to start new real estate company together with outside investors
Solna, Sweden, March 9, 2010
ICA Real Estate has acquired a property in Göteborg for approximately SEK 300 million. The property houses one of Swedens largest Maxi ICA Hypermarkets as well as other retailers and offices. The seller is the real estate company Vasakronan.
"With this strategic acquisition, ICA ensures the development of an important marketplace. It is also an element in our new strategy to be a buyer of existing real estate," said Bo Liffner, CEO of ICA Real Estate.
ICA Real Estate also has plans to form a new joint venture together with outside institutional investors. The new venture would give ICA Real Estate greater opportunities to continuously invest in ICAs existing retail network in order to help it to retain and strengthen its market position. As an owner, ICA can ensure the further development of these marketplaces, which in turn creates value for the stores.
"Our intention is to start a real estate company with long-term, financially strong investors. Through a joint venture, we could safeguard ICAs interests in an increased number of strategic marketplaces and at the same time create good opportunities for ICAs core businesses." said Bo Liffner.
For further information, please contact: Bo Liffner, CEO of ICA Real Estate, phone +46 70 510 40 55 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 2,220 of its own and retailer-owned stores in Sweden, Norway and in the Baltic States. The Group includes ICA Sweden, ICA Norway, Rimi Baltic and ICA Real Estate. ICA also offers financial services to Swedish customers through ICA Bank. 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