"Today, our Coop stores are tenants at external real estate companies - a model that is well proven and successful. It therefore feels natural that we work with the same model when the Netto stores now become Coop. I look forward to a close collaboration where we become tenants of a new owner of the properties. Coop intends to sign long-term leases and make significant investments in the new store concept," says Christian Wijkström, CEO of Coop Stores and Supermarkets.
In the acquisition of Netto's Swedish operations, Coop acquired 163 stores and 115 properties in which retail operations are conducted.
Coop has started a sales process of this property portfolio with Swedbank Corporate Finance and EY Corporate Finance as advisors.
The portfolio consists of 115 properties with 110 store buildings where Coop currently operates stores under the Netto and Coop brands. The goal is for all stores to be transformed into Coop stores by the summer of 2020.
The stores have a total area of just under 120,000 square meters, giving an average retail space of just over 1,080 square meters. The properties are spread over 88 locations and are mainly located in residential areas in southern Sweden. The property portfolio is modern and as many as 83 percent of the buildings have either been erected or renovated in the last 15 years.