Coop Norden Near $531 Million Sale Leaseback of its Property Portfolio

IGD Retail Analysis News - November 8, 2005

Coop Norden, the Scandinavian retail chain, has short listed three companies for a 450 million euro ($530 Million) sale and leaseback of its property portfolio. The three firms include Reit Asset Management, London and Regional and Rock Capital which is preparing a joint bid with GMAC the finance group. The Scandinavian corporate finance house Catella is overseeing the sale and leaseback process, which if successful will be used to reduce Coop Norden's 625 million euro debt.

Co-Op Norden has 1,080 outlets across Denmark, Norway and Sweden. The portfolio, which is primarily Swedish, includes 12 cash-and-carry warehouses, 113 Konsum food shops and other diverse properties. The sales process is being overseen by Catella and should be completed by year end. Sources estimate the initial yield on the properties will be from 6.0% to 6.5%. Sphere: Related Content