ICA Real Estate signs letter of intent with City of Stockholm on Postgården 1 in Årsta

Solna, Sweden, January 28, 2013

ICA Real Estate has 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. Through the process ICA wants to ensure access to a desirable retail location in one of Stockholm’s largest housing projects. A decision will officially be made by the Stockholm County Council during spring 2013.

ICA Real Estate currently owns a warehouse property within the city’s Årstafältet development zone. ICA Real Estate and the City of Stockholm have signed a letter of intent whereby ICA Real Estate will acquire an additional parcel of land adjacent to Postgården 1 and sell land within Postgården 1 to the City of Stockholm.

The transaction is expected, partly depending on the degree of development, to give rise to a capital gain for ICA Real Estate of about SEK 400-500 million. This will affect earnings no earlier than 2016, when the closing is expected to take place.

For further information:
ICA’s press office, tel +46 702 53 66 60