Catena acquires properties from ICA Fastigheter for SEK 500 million

Catena has signed an agreement with ICA Fastigheter to acquire two properties in Arendal, Gothenburg and Upplands-Bro, Stockholm, via a corporate transaction at an underlying property value of SEK 500 million before deferred taxes.

22 December 2022, 15:00 CET  

Both properties are close to key logistics hubs and have ICA Fastigheter as their tenant. The acquisition is a sale and leaseback transaction, with ICA signing a seven-year lease with Catena in connection with the sale. The purchase price for the shares amounts to SEK 176 million. Through the acquisition, Catena is expanding its portfolio with two modern cold storage facilities in prime logistics locations, cementing its relationship with ICA as a tenant.   

The Arendal 13:3 property is located in Arendal, close to the city centre in Gothenburg, near the E6 and E20 motorways and the Port of Gothenburg. Built in 2020, the property encompasses a cold storage building and has BREEAM Outstanding certification. It was the first storage facility for e-commerce distribution to achieve this level, and it also won the BREEAM Building of the Year award in 2022.

The Viby 19:106 property is located next to the E18 in Brunna Logistik Park, Upplandsbro, Stockholm. Brunna Logistik Park is a logistics cluster with companies such as Zalando, PostNord and Systembolaget having operations in this location. The property is currently undergoing the certification process with the Sweden Green Building Council for silver certification, which is expected to be completed in 2023.

The seller of the properties is ICA Fastigheter, a property company that is part of Sweden’s leading grocery chain ICA Gruppen with over 1,200 stores with extensive online operations.

Summary

• Arendal 13:3 has a land area of 30,503 m2, with a lettable area of 17,307 m2
• Viby 19:106 has a land area of 19,403 m2, with a lettable area of 7,335 m2
• Both buildings were completed in 2020
• Arendal 13:3 has BREEAM Outstanding certification; Viby 19:106 is expected to achieve Sweden Green Building Council silver certification in 2023
• ICA signs seven-year lease in connection with sale
• Net operating income for both properties is expected to be SEK 28.8 million
• The purchase is being made with own funds and available credit

The transfer date is expected to be 1 February 2023.

“In line with Catena’s strategy, we are expanding our property portfolio with two modern logistics facilities that offer high performance, particularly from a sustainability perspective,” says Catena’s CEO Jörgen Eriksson. “The acquisition will increase our exposure in relation to the cold storage segment and deepen our long-term partnership with ICA even further.”

For more information, please contact
Jörgen Eriksson, CEO, tel. +46 (0)730 70 22 42, jorgen.eriksson@catena.se
Tobias Karlsson, Regional manager for Stockholm, tel. +46 (0)730 70 22 36 tobias.karlsson@catena.se
Jonas Arvidsson, Regional manager for Gothenburg and Jönköping, tel. +46 (0)730 70 22 60, jonas.arvidsson@catena.se
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•   Catena acquires properties from ICA Fastigheter for SEK 500 million