Cibus Nordic Real Estate AB (publ) has today entered into an agreement to acquire a property portfolio consisting of 31 grocery stores in Denmark for a purchase price and an underlying property value of DKK 879 million, corresponding to approximately EUR 118 million. The 31 properties, which constitute a very attractive and well-diversified property portfolio of high-quality grocery stores in Denmark, are acquired from ATP Ejendomme A/S. The first part of the transaction consists of 22 properties and is carried out as a share deal and closing is set for 19 December 2024. The second part of the transaction, which includes the remaining nine properties, is carried out as a share deal for six of the properties and as separate property transfers for three of the properties. The reason for dividing the transaction into two parts is due to the fact that each tenant on the nine properties has a right-of-first-refusal to acquire their leased property, respectively. Provided that the current tenants do not use their right-of-first-refusal, these nine properties will be acquired by Cibus and closing is planned for in the beginning February 2025. The acquisition is financed with a combination of equity and senior debt bank financing with a loan-to-value ratio of approximately 50 per cent.

The total lettable area of the property portfolio amounts to approximately 36,200 sqm. The tenants in the portfolio are REMA 1000 (17 stores), Salling Group/Netto (10 stores) and Coop Danmark (4 stores). The total annual rental income amounts to approximately DKK 55.4 million (based on contractual rental value for 2025) and the portfolio average remaining lease term is approximately 6.7 years.

Approximately 99 per cent of the total rental income from the property portfolio derives from daily-goods stores tenants. The portfolio is well diversified in terms of tenants and geography. The properties are located in Jutland, Fyn and Zealand. A property list with information about right-of-first-refusal and area vacancies is presented at the end of this press release. The current occupancy rate for the portfolio is 100 per cent. Of the property portfolio's 31 properties with daily-goods stores, there are currently three properties that are vacant with no ongoing operations. The vacant area for these three properties amounts to approximately 3,600 square meters, but the lease contracts are still in place, and the properties will generate rental income for approximately another 5.6 years on average.

The transaction is divided into two parts, consisting of 22 properties in the first part and 9 properties in the second part. The reason for dividing the transaction into two parts is due to the fact that each tenant on the aforementioned nine properties has a right-of-first-refusal to acquire their leased property, respectively.

The first part of the transaction is carried out as a share deal including 22 properties, will close on 19 December 2024. The underlying property value amounts to DKK 618.5 million, corresponding to approximately EUR 82.9 million. The total lettable area amounts to 25,000 sqm. The total annual rental income for these 22 properties amounts to approximately DKK 39.4 million (based on contractual rental value 2025) and the average remaining lease term is approximately 7.0 years.

The second part of the transaction, which includes the remaining nine properties, is carried out as a share deal for six of the properties and as separate property transfers for three of the properties. Provided that the current tenants do not use their right-of-first-refusal, these nine (9) properties will be acquired by Cbus and closing is planned for in the beginning of February 2025. The underlying property value for the second part of the transaction amounts to DKK 260.5 million, corresponding to approximately EUR 34.9 million. The total lettable area amounts to 11,200 sqm. The total annual rental income for these nine properties amounts to approximately DKK 16 million (based on contractual rental value 2025) and the average remaining lease term is approximately 6.3 years.

"We are pleased to announce that Cibus is continuing our growth journey, and we continue to strengthen our earnings per share by acquiring a very attractive real estate portfolio, this time in Denmark. After this acquisition, we will be one of the leading property owners and landlords within grocery anchored real estate in Denmark.

We continue to actively analyse new potential acquisitions in line with our slogan 'Converting food into yield'," says Christian Fredrixon, CEO Cibus Nordic Real Estate AB.

18 December 2024

For further information, please contact: 

Christian Fredrixon, CEO
christian.fredrixon@cibusnordic.com
+46 (0)8 12 439 100

Pia-Lena Olofsson, CFO
pia-lena.olofsson@cibusnordic.com
+46 (0)8 12 439 100 

This information constitutes insider information that Cibus Nordic Real Estate AB (publ) is obliged to make public according to the EU's market abuse regulation. The information in this press release has been made public through the above responsible persons provision for publication at the time indicated by Cibus news distributor beQuoted when publishing this press release.

Cibus is a real estate company listed on Nasdaq Stockholm Mid Cap. The company's business idea is to acquire, develop and manage high quality properties in the Nordics with daily-goods store chains as anchor tenants. The company currently owns more than 450 properties in the Nordics. The largest tenants are Kesko, Tokmanni, Coop Sweden, S Group, Dagrofa and Lidl.

Property list  

Part 1: 22 Properties in Denmark

Property 1: Odense

Property 2: Jyllinge

Property 3: Sæby

Property 4: Holbæk

Property 5: Solrød Strand

Property 6: Hjørring

Property 7: Slagelse

Property 8: Haderslev

Property 9: Næstved (area vacancy 1,172 sqm)

Property 10: Greve

Property 11: Herning (area vacancy 1,085 sqm)

Property 12: Hornbæk

Property 13: Holstebro

Property 14: Tønder

Property 15: Randers

Property 16: Frederiksberg

Property 17: Aabenraa

Property 18: Silkeborg

Property 19: Holbæk

Property 20: Hillerød

Property 21: Korsør

Property 22: Næstved

Part 2: 9 properties  

Property 23: Nykøbing M (right-of-first refusal)

Property 24: Esbjerg (right-of-first refusal)

Property 25: Åbybro (right-of-first refusal)

Property 26: Aalborg (right-of-first refusal)

Property 27: Aarhus (right-of-first refusal)

Property 28: Frederiksværk (right-of-first refusal)

Property 29: Randers (right-of-first refusal)

Property 30: Slagelse (right-of-first refusal)

Property 31: Grindsted (right-of-first-refusal, area vacancy 1,336 sqm)

Attached files