ICA Real Estate, the real estate arm of ICA Gruppen, has entered into an agreement to acquire Alecta Fastigheter’s 50% share in the jointly owned logistics company Långeberga Logistik AB.
The division carried out the acquisition by exercising a buy-back option and took possession of the property on 2 May.
The acquisition gives ICA Real Estate the sole right of disposal over the property and the ability to develop what it calls it 'largest logistics property' in a more agile way.
The retailer and Alecta Fastigheter continue to jointly own Ancore Fastigheter, the company added.
ICA Acquires Långeberga Logistik
The Långeberga Logistik property spans more than 105,600 square metres and is valued slightly more than SEK 2.3 billion.
By virtue of its significance for ICA Gruppen’s operations, Långeberga has been reported as a subsidiary with a minority interest, which means that the acquisition of the minority owner’s shares will have a limited effect on ICA Gruppen’s financial position and operations, the company noted.
Earlier this year, ICA Gruppen reported a 'strong' performance in its full-year 2021 – a period marked by continued volatility in the market, the retailer said.
Group CEO, Per Strömberg, commented, “We can now sum up the full year 2021 – a year characterised by continued volatile markets, but for which we can show favourable performance for our businesses.
"Important steps have been taken in our future-oriented projects, and given the conditions, sales and earnings performance were favourable for the various parts of the group. In addition, we succeeded in maintaining operating margin at the same high level as in 2020.”