ICA to transfer 13 retail properties to new joint venture

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ICA Real Estate and the Swedish First AP Fund is forming a new jointly owned property, Secore Estate.
Initially, the company acquires 13 retail properties from ICA Real Estate Sweden where ICA’s the principal tenant.

The company, which are jointly owned by ICA and the First AP Fund, will initially have a property portfolio with a property value of 1.1 billion SEK. The purpose of the company is to acquire and own the ICA stores in strategic locations. ICA Real Estate Sweden will also continue to manage the sold retail properties.

ICA Real Estate’s divestment generates a capital gain of approximately SEK 300 million.

“Forming Secore Fastigheter together with the First AP Fund creates conditions for ICA to retain influence in the market places while freeing up capital. We have very good experience of our co-ownership with Alecta in Ancore, and are delighted that we have created an additional partnership with a strong and long-term investor, ” said Lena Boberg, CEO of ICA Real Estate.

The 13 retail properties acquired by the joint venture are ICA Maxi Hässleholm, ICA Maxi Motala, ICA Maxi Kristinehamn, ICA Maxi Bromölla, ICA Supermarket Simrishamn, ICA Supermarket Perstorp, ICA Supermarket Sölvesborg, ICA Supermarket Eksjö, ICA Supermarket Hedemora, ICA Supermarket Alunda, ICA Ettan in Västerås (ICA Supermarket), ICA Nära Katrineholm, ICA Supermarket Österbybruk and represents a total area of ​​over 55,000 square meters. The company is financed to 60 percent by external financing.