The deal gives Ica Gruppen a positive cash flow of approximately SEK 1.9 billion (EUR 194M) and a capital gain of slightly more than MSEK 400 (EUR 41M). The sale of Ica Eiendom is being made as a result of Ica Gruppen’s previous sale of its grocery retail business in Norway.
The sale of the company Ica Eiendom includes a property portfolio as well as the existing organisation. In all, the sale covers 58 properties in Norway, and the transaction is expected to close in February 2017.
The sale of Ica Eiendom will generate a capital gain of approximately MSEK 400 (EUR 41M) for Ica Gruppen, which will be recognised during the first quarter of 2017. With this sale the entire property portfolio in Norway will have been divested. A total of 73 properties have been sold for SEK 2.8 billion (EUR 286M), generating a capital gain of slightly more than MSEK 430 (EUR 44M).
“Interest in the properties has been great,” comments Per Strömberg, CEO of Ica Gruppen. “We are satisfied with the purchase price and that our employees at Ica Eiendom are being offered continued employment. It feels good that we can now conclude the process of leaving Norway that we began in 2014.”
For the sale of Ica Eiendom, Pangea Property Partners has served as financial advisor, Advokatfirmaet Haavind has served as legal advisor, and Handelsbanken Capital Markets has served as debt financial advisor.
EBITDA for Ica Eiendom was MSEK 159 (EUR 16M) in 2015 and MSEK 91 (EUR 9.3M) on a rolling 12-month basis.
Ica Fastigheter to Sell It's Entire Norwegian Portfolio
Norway —
Ica Fastigheter is selling Ica Eiendom Norge AS, with an underlying property value of SEK 2.2 billion (EUR 224M), to Union Real Estate Fund II, a real estate fund managed by the Norwegian firm Union Eiendomskapital.
2016-12-02
Axel Ohlsson
[email protected]