Swedish retailer Axfood has said it has signed a purchase agreement with Crown Properties regarding the sale of Axfood’s Swedish real estate portfolio.

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Under the agreement, Crown Properties will acquire 93 properties, of which 18 are rented by companies in the Axfood Group. The purchase price for the properties is SKr627m (US$74.1m), and the capital gain is estimated at SKr110m.

“The sale of our real estate holdings is a good example of how Axfood is focusing on its core business: developing and running retail food chains. The capital that will now be released will enable us to strongly pursue Axfood’s long-term strategy,” said Mats Jansson, president and CEO of Axfood.

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