Cibus: Acquires three grocery stores in Finland for EUR 14.8m - Nordea

During October, Cibus has acquired three grocery stores in Finland for EUR 14.8m with a total lettable area of ~5,500 sqm. The properties are located in Pori (S Group), South Ostrobothnia (large grocery chain, details to be disclosed after store opening) and Helsinki (Kesko). The average remaining lease term is ~13 years for the three stores. The acquisitions will increase Cibus’ earnings capacity and will be financed with a 50% LTV bank financing, according to the company. Cibus has now during 2024 acquired assets in Sweden, Denmark and Finland after a pause due to difficult market conditions. We view the transactions as positive with positive EPS contribution and LTV remaining in control.