Kid ASA, the parent company of Hemtex, has sold its Swedish warehouse and office complex to Storebrand Nordic Real Estate for over NOK 600 million. The 57,000 square metre property, which currently serves as a central warehouse for the Kid Group, will be transferred by December 2024, with the sale expected to generate a positive profit impact of approximately NOK 30 million in Q4. The deal will also have an estimated net cash flow effect of NOK 100 million.
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The complex was developed with Fabritius Gruppen, with the first section already operational for Hemtex, and the second part to be completed in early 2025. As a result, Kid will phase out its warehouse operations in Norway in 2025, while the headquarters in Lier, Norway, will remain. Kid is working on leasing its Norwegian warehouse facilities to an external party, with potential additional costs expected during the transition.
This strategic move allows Kid to optimise its real estate portfolio and streamline its operations while maintaining its presence in Norway.
Source: www.dagenshandel.se