Coop Group, one of Switzerland’s largest retail and wholesale companies, is via subsidiaries the tenant in the properties that encompass 163,000 square metres of lettable area. The average remaining lease term is 2.8 years. The rental income for 2023 is estimated to EUR 11.8 million.
The purchase price exceeds the book value of the properties as of 30 September 2022 by EUR 15.6 million, corresponding to 9%. The purchase price exceeds the book value of the properties as of 31 December 2021 by EUR 27.2 million, corresponding to 17%. Sagax acquired the properties in February 2020 for EUR 149.5 million.
The divestment is structured as transfer of real property. The purchase price is not subject to any adjustment for so-called latent tax or in any other way. The transaction is estimated to trigger tax payments for Sagax of EUR 2.1–3.4 million. Closing is expected to take place during 2023.
The properties are included in the segment ”Spain” in Sagax's financial reporting.
Comment by David Mindus, Chief Executive Officer, AB Sagax:
"Sagax is a long-term investor, but Coop Group has strategic reasons to own the properties. We consider that the purchase price and the terms and conditions are attractive to Sagax's shareholders, and our aim is to reinvest the purchase price at higher risk-adjusted return."