The real estate company Cibus has entered into an agreement to acquire a real estate portfolio consisting of 31 grocery stores in Denmark for a purchase price and an underlying property value of DKK 879 million. This is stated in a press release.

The company announced this morning that it was in negotiations for a potential acquisition of a Danish supermarket portfolio.

The 31 properties are being acquired from ATP Ejendomme.

The first part of the transaction is carried out as a corporate transaction and consists of 22 properties with closing on December 19 this year.

The second part of the transaction, comprising the remaining nine properties, is being carried out as a corporate transaction for six of the properties and as separate property transfers for three of the properties.

"The reason why the transaction has been split into two parts is that each tenant of the nine properties has a right of first refusal to acquire their leased property. Provided that the current tenants do not exercise their pre-emption rights, these nine properties will be acquired by Cibus and access is planned for the beginning of February 2025," the company writes.

The acquisition is financed with equity and bank financing via a bank loan with a loan-to-value ratio of approximately 50 percent.

The tenants in the property portfolio are REMA 1000 (17 stores), Salling Group/Netto (10 stores) and Coop Denmark (4 stores).

The total annual rental income amounts to approximately DKK 55.4 million and the average remaining lease term is approximately 6.7 years.