“The Viby and Arendal warehouse properties are two, new modern buildings with a pronounced environmental profile that have been developed in accordance with ICA Real Estate’s mission to satisfy ICA’s need for the right premises in strategically important locations. We have a good record of experience with Catena as a lessor and look forward to continued fruitful cooperation. The deal frees up capital to reduce the Group’s net debt,” comments Anna Nyberg, CEO of ICA Real Estate.

The Viby 19:106 building in Upplands-Bro measures 7,335 square metres, and the Arendal 13:3 building in Gothenburg measures 17,307 square metres. During the autumn, the latter building was the first warehouse in Sweden to earn the highest environmental certification, Breeam Outstanding. The warehouse in Viby is currently undergoing a certification process for Miljöbyggnad Silver. Transfer of ownership is planned to take place on 1 February 2023.

Catena is currently the lessor for ICA’s warehouses in Kungälv, Linköping, Kallhäll and Borlänge.

The net effect of the transaction on the Group’s cash flow is estimated to be approximately SEK 0.5 billion during the first quarter of 2023. At the same time, the Group’s net debt (excluding ICA Bank and IFRS 16 lease liabilities) is expected to decrease by SEK 0.5 billion. Including IFRS lease liabilities, net debt will decrease by SEK 0.4 billion.

The transaction will give rise to a capital gain of approximately SEK 100 million, which will be recognised as an item affecting comparability in the Group’s operating profit for the first quarter of 2023. The effect on the Group’s operating profit excluding items affecting comparability is expected to be negligible.

AG Advokat and CBRE have served as advisers for the transaction.

ICA Gruppen AB (publ) is one of the leading retail companies in the Nordic countries with a focus on food and health. The Group includes ICA Sweden and Rimi Baltic, which mainly conduct grocery retail, ICA Real Estate, which owns and manages properties, ICA Bank, which offers financial services, ICA Insurance, and Apotek Hjärtat, which conducts pharmacy business. ICA Gruppen had sales of approximately SEK 128 billion in 2021. For more information, visit icagruppen.se.