Cibus Nordic expands Norwegian retail footprint

Cibus Nordic Real Estate has acquired 12 grocery store properties in Northern Norway from AKA AS, valued at around €40.3 mln (NOK 471.2 mln). 

Christian Fredrixon

This high-quality portfolio, totaling about 23,100 m2, primarily features strong grocery tenants like REMA 1000 (nine stores), Kiwi, Spar, and Bunnpris, alongside other retailers such as discount retailer Europris. The properties are fully occupied with an average remaining lease term of 7.7 years and are geographically diversified across towns like Fauske, Hammerfest, and Vadsø.
The acquisition, structured as a share deal, will see nine properties close on October 15, 2025, and the remaining three on December 15, 2025. It will be financed with a mix of equity and bank loans, maintaining a loan-to-value ratio of around 50%.
Additionally, Cibus has established a new office in Denmark, appointing Anders Vibe Andreasen as the head of Asset Management for Cibus Denmark, effective September 1. Anders brings experience from his previous roles as fund manager at Fokus Nordic and positions at Danske Bank and PostNord, strengthening Cibus's team in the region.
Christian Fredrixon, CEO of Cibus Nordic Real Estate, commented: "Through the acquisition of the property portfolio in Norway and the establishment of our first own office in Denmark, Cibus strengthens its position within the grocery segment in Europe. These strategic initiatives contribute to further long-term and stable cash flows, increased cost efficiency, and closer relationships with our tenants. The fact that we are now also growing in Norway, one of our smallest geographical markets, demonstrates our ability to identify and realise accretive opportunities in all our markets. The transaction and the internalisation are both fully in line with our strategy to increase earnings per share, and we have now communicated that approximately 90% of the capital from the rights issue in June 2025 has been allocated in an accretive manner."