Swedish retailer ICA Gruppen confirmed today that its real estate arm had completed the sale of ICA Eiendom Norge AS to the Union Real Estate Fund II, originally announced 2 December 2016.
The sale of ICA Eiendom included 58 properties and the existing organisation. The purchase price was SEK 1.9 billion, creating a capital gain of roughly SEK 400 million.
Union Real Estate Fund II is managed by Union Eiendomskapital.
When the sale was announced, CEO Per Strömberg of ICA Gruppen said:"Interest in the properties has been great."
"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."
Since leaving the Norwegian grocery market in 2014, ICA Gruppen has sold 73 properties, equaling SEK 2.8 billion.
Last year it announced it was in talks to buy Lithuanian grocery chain IKI.
© 2017 European Supermarket Magazine – your source for the latest retail news. Article by Karen Henderson. Click subscribe to sign up for ESM: The European Supermarket Magazine.
