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On 24 March, Cibus announced the acquisition of 34 supermarkets (76,600 m2) in Denmark for EUR 280m. The deal makes Cibus the largest Nordic player in the grocery-anchored real estate market with a portfolio of EUR ~1.8bn. The acquisition will be financed by the combination of newly issued shares, cash at hand, and debt. We estimate the acquisition will add 7-8% to adjusted EPS in 2022E-24E and increase dividend capacity accordingly. Including the acquisition and the issuance of 4.4 million new shares at SEK 217, we estimate that Cibus is trading at a ~55% EPRA NRV premium and an implied yield of ~4.7%. With this acquisition, Cibus strengthens its position as one of the most attractive Nordic real estate compounders. Marketing material commissioned by Cibus.
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