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

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.