AMF and ICA Fastigheter form Delcore Fastigheter

13 January 2023

AMF and ICA Fastigheter form a new equally owned real estate company, Delcore Fastigheter. The company initially acquires 30 retail properties from ICA Fastigheter, with a property value of SEK 4.9 billion.

– We see this as a good opportunity to strengthen our property portfolio. Through the investment in Delcore Fastigheter, AMF gets a real estate investment with a market-leading co-owner and long contracts where we expect a stable inflation-linked return. Overall, we see that the investment is positive for our pension savers in the life portfolio and improves their opportunities for a good return over time. We look forward to a good collaboration with ICA Fastigheter within the framework of the newly formed company, says Pernilla Arnrud Melin, responsible portfolio manager for real estate at AMF.

Delcore Fastigheter will be owned equally by AMF and ICA Fastigheter. The company will acquire, own and manage ICA stores and other commercial properties in strategic locations where ICA is the main tenant.

– AMF was early in investing in unlisted properties, and gradually the proportion of properties in our life portfolio has grown to today’s roughly 20 percent. Given our strong financial position, we can invest even when other investors wait. This has been a strength for us, as we get increased opportunities to generate a stable and competitive return for our savers, says Tomas Flodén, Head of Capital Management AMF

AMF is one of Sweden’s largest property owners. Within traditional management, the holdings consist of the wholly owned subsidiary AMF Fastigheter, the partly owned Swedish real estate company Rikshem, and the two partly owned Finnish real estate companies Antilooppi and Mercada.

The transaction is expected to be completed on April 1, 2023. Brick Advokat, Lindahl Winter and Svalner Skatt & Transaktion have been advisors to AMF in the transaction.

Source: AMF
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