ICA sells store properties in Sweden
ICA sells store properties in Sweden Stockholm 27 June, 2007
ICA Fastigheter Sverige AB has sold a portfolio of store properties at a purchase price of SEK 601 million. The deal comprises of a portfolio of 28 store properties located all over Sweden. In connection with the deal, a lease agreement has been reached between ICA and the buyer in which ICA will lease these properties. In its turn, ICA will lease out the properties to individual ICA retailers. ICAs continued involvement in the properties means that the transaction will be accounted for under financing in accordance with IFRS principles.
The deal increases ICAs operating income by approximately SEK 90 million during the fourth quarter 2007.
"We are selling these properties to release capital that we are going to invest in new stores and hypermarkets, says Bo Liffner, CEO ICA Fastigheter AB.
For more information: ICA press hotline, tel +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 the Baltic states. The Group includes the sales 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 a 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