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Cibus: Acquisitions back on the agenda - Nordea

Cibus acquires six grocery-anchored assets in Sweden for SEK 87.5m (EUR ~7.6m), adding 0.4% to Cibus total portfolio value. The assets are located in Värmland, and have a lettable area of 8,900 sqm. Coop is the anchor tenant in five asset and ICA in one asset. The weighted average lease maturity is five years, in line with Cibus’ total assets. The net yield is not disclosed, but we believe the acquisition could add net rental income by EUR ~0.6m. Cibus claims that the acquisition is EPS accretive. With bond maturities and hedging in good shape it is positive to see acquisitions, albeit a small one in this case, back on the agenda after the most recent previous acquisitions made in late 2022.

Cibus acquires six grocery-anchored assets in Sweden for SEK 87.5m (EUR ~7.6m), adding 0.4% to Cibus total portfolio value. The assets are located in Värmland, and have a lettable area of 8,900 sqm. Coop is the anchor tenant in five asset and ICA in one asset. The weighted average lease maturity is five years, in line with Cibus’ total assets. The net yield is not disclosed, but we believe the acquisition could add net rental income by EUR ~0.6m. Cibus claims that the acquisition is EPS accretive. With bond maturities and hedging in good shape it is positive to see acquisitions, albeit a small one in this case, back on the agenda after the most recent previous acquisitions made in late 2022.
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