ICA sells portfolio of properties in Norway to ERIV
ICA sells portfolio of properties in Norway to ERIV
Solna January 11, 2007
ICA Eiendom AS has sold a portfolio of properties, primarily consisting of store properties, to ERIV. The total transaction amount is set at 516 MNOK.
The agreement encompasses a portfolio of 24 properties throughout Norway. The take over will be on 1 March 2007.
ERIV, European Income Venture, is a property company based in Luxembourg gathering institutional international investors and that is advised by AXA REIM.
The agreement will affect ICAs operating results by approximately 100 MNOK in the first quarter.
- This sale is in accordance with our strategy of selling fully developed properties in order to free up capital, which we then invest in the development of new stores and shopping malls, says Rolf Hansteen, Managing Director of ICA Eiendom AS.
- We are delighted to make an entry in the Norwegian market with a reliable partner such as ICA, and look forward to work on the portfolio, said Etienne Dupuy, ERIV Fund Manager at AXA REIM.
For further information please contact: ICA press hotline, cell phone +46 70 253 66 60
----------------------------------------------------------------------------------------------------- About ICA The ICA Group (ICA AB) is one of the Nordic regions leading retail companies, with around 2,300 of its own and retailer-owned stores in Sweden, Norway and in the Baltic States. The Group includes the sales companies ICA Sverige, ICA Norge, Rimi Baltic and Etos. ICA also offers financial services to Swedish customers through ICA Banken. ICA also owns half of Netto Market, with above 80 stores in Sweden. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold N.V. of the Netherlands. Due to a shareholder agreement, neither party has control of the company and the two share equal voting power. Through Royal Ahold, ICA AB is part of an international retail network. For more information, please visit http://www.ica.se