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ICA Real Estate off-loads Swedish retail portfolio for 1B kronor

Sweden-based ICA Real Estate is selling 12 local retail assets to its joint venture with pension fund AP1, Secore Fastigheter, in an over 1 billion-Swedish-kronor deal, Property Investor Europe reported.

The properties offer gross leasable area of 38,400 square meters and are leased to ICA and pharmacy chain Apotek Hjärtat. The transaction supports Secore Fastigheter's long-term strategy to acquire and develop marketplaces, in which ICA is the primary tenant.

The transaction is expected to close in June. Following the completion, Secore Fastigheter's portfolio will comprise 25 properties spanning 93,900 square meters worth approximately 2.2 billion kronor.

Additionally, ICA expects a capital gain of 300 million kronor from the sale.

As of May 26, US$1 was equivalent to 8.69 Swedish kronor.