Cibus Nordic Real Estate has signed the acquisition of a portfolio of 72 grocery stores in Finland. In addition, the Company has agreed to pay a part of purchase price with a directed share issue of 2,000,000 shares to the seller. The transaction is targeted to close during the fourth quarter of 2021.
The assets are located across Finland and have a total lettable area of approx. 42,000 sqm. In total 71 assets have been leased to Kesko and one to S Group, the weighted average lease maturity being slightly over five years. The total transaction value, including transaction costs, amounts to approx. EUR 71.6m.
The portfolio is acquired from AB Sagax, and the parties have agreed that approx. EUR 37.6m of the purchase price will be paid as 2,000,000 newly issued shares in Cibus, corresponding to approx. 4.8 percent of the shares in the Company after the new share issue. The subscription price, which amounts to SEK 189.37 per share, corresponds to the volume-weighted average price of the Cibus share during 30 trading days before June 14, 2021. The transaction is targeted to close and the shares to be issued during the fourth quarter of 2021. The board of directors of Cibus will in connection with the closing resolve on a share issue in accordance with the authorization granted by the annual general meeting held on 15 April 2021.
With this acquisition, as well as the previously announced ones, the Company assesses the total NOI on a yearly basis in the earnings capacity to rise to EUR 80.3m after the deal is closed.