Nordika Acquires Two Retail Properties in a 15-year sale and leaseback transaction with Berners Group.
Nordika Fastigheter AB (“Nordika”) has acquired in a sale-and leaseback transaction two well located retail properties from one of the leading car dealers in Northern Sweden.
The majority of the transaction value is made up of a property located in the Birsta area of Sundsvall, which is the second largest out of town retail area in Sweden (anchored by IKEA). Total lettable area amounts to 8,000 sqm and is leased by the vendor on a 15 year triple net lease.
“Through the acquisition, Nordika has entered an attractive market in northern Sweden and the acquisition provides a strong and stable cash flow in a great micro location. We were able to provide a solution for our tenant, the Berner Group, which they found attractive”, said Jonas Grandér, Nordika’s CEO and co-founder.
Through the sale and leaseback, the tenant can focus 100% on their core business and be well positioned for the future by releasing equity, which will be used for de-leverage as well as investing in the operations for continued growth.
Berners was established in 1925 and is one of Northern Sweden’s leading retailers of quality cars (Audi, VW, Skoda and Scania).
Pangea Property Partners has been the advisor to the seller.
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