ICA to sell 25 store properties to ING Real Estate
ICA to sell 25 store properties to ING Real Estate
Solna: May 2, 2006
ICA Fastigheter AB is divesting a portfolio of properties to ING Real Estate. The purchase price of the portfolio amounts to SEK 870 million.
The agreement covers a portfolio of 25 store properties in the west and south of Sweden. The buyer is ING Real Estate who will take possession on todays date.
At the same time, a lease agreement has been reached between ICA and ING 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 therefore be accounted for under financing in accordance with IFRS principles. ICAs operating income in 2006 will increase by SEK 80 million.
- This agreement is fully in line with our strategy of not increasing our real estate holdings relative to the size of our business. We are selling the properties to release capital that we are going to invest in new stores and hypermarkets, says Bo Liffner, CEO ICA Fastigheter AB.
For further information please contact: Bo Liffner, CEO ICA Fastigheter AB, +46 21 19 33 71 ICA press hotline, cell phone +46 70 253 66 60
----------------------------------------------------------------------------------------------------- About ICA The ICA Group is one of the Nordic regions leading retail companies, with around 2,300 of its own and retailer-owned stores in Sweden and Norway. The Group includes the sales companies ICA Sverige, ICA Norge and Etos. ICA Meny specializes in distribution to restaurants, the foodservice sector and convenience stores. ICA also offers financial services to Swedish customers through ICA Banken. ICA owns half of the companies Rimi Baltic, with just over 170 stores in the Baltic countries, and Netto Marknad, with just over 70 stores in Sweden. ICA AB is a joint venture 40% owned by Hakon Invest AB and 60% by Royal Ahold of the Netherlands. Due to shareholder agreement, neither party has control of the company and both 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