12 desember, 2016

ICA Fastigheter sells Norwegian portfolio

Last week, ICA Fastigheter announced the sale of its Norwegian property portfolio for NOK 2.1bn to UNION Real Estate Fund II, a property fund managed by UNION Eiendomskapital. The sale included 58 grocery store properties across Norway with a gross area around 120,000 sqm and the existing organisation. In 2015, ICA divested its Norwegian grocery operations to Coop Norge, now being the largest tenant in the portfolio.

Pangea Property Partners was sell-side adviser to ICA Fastigheter in the transaction, which is the third largest property transaction in Norway this year, and the largest one in the retail sector. We have now advised on more than 40 transactions with a combined value above €6.5bn so far in 2016, which represents an almost 20% market share in the entire Nordics.

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