ICA Eiendom AS has sold a portfolio of properties, primarily consisting of store properties, to ERIV. The total transaction amount is set at 516 MNOK.

The agreement encompasses a portfolio of 24 properties throughout Norway. The take over will be on 1 March 2007.

ERIV, European Income Venture, is a property company based in Luxembourg gathering institutional international investors and that is advised by AXA REIM.

The agreement will affect ICA’s operating results by approximately 100 MNOK in the first quarter.

• This sale is in accordance with our strategy of selling fully developed properties in order to free up capital, which we then invest in the development of new stores and shopping malls, says Rolf Hansteen, Managing Director of ICA Eiendom AS.
• We are delighted to make an entry in the Norwegian market with a reliable partner such as ICA, and look forward to work on the portfolio, said Etienne Dupuy, ERIV Fund Manager at AXA REIM.

For further information please contact:
ICA press hotline, cell phone +46 70 253 66 60