Sirius Fund I Grocery SCSp (“Sirius I”) and its successor fund, Sirius Fund II Grocery SCSp (“Sirius II”), completed the sale of their remaining collective shareholding in Cibus Nordic Real Estate AB (“Cibus”), representing 3.2 million shares, with very strong investor demand; such shares comprised the funds’ final consideration for the prior sale to Cibus of their real estate holdings in 2018. The final block sale price for the shares was SEK 128.0 (approximately €12.1), reflecting a 34% increase relative to the IPO price (first day of trading, March 9, 2018). Upon receipt of these final proceeds, the investors in Sirius I will receive a gross IRR and equity multiple of 44% and 2.4x, respectively. Investors in Sirius II will receive a gross IRR and equity multiple of 53% and 2.0x, respectively.
The combined portfolio sold to Cibus comprised 123 daily-goods assets with a total area of 437,860 sqm. The main tenants were major grocers, Kesko, Tokmanni and the S-Group, who together represented more than 90% of the assets. The portfolio value at the time sale was €767 million (approximately SEK 100 per share)
Affiliates of Accord Group Holdings LLC (“Accord”) provided co-investment capital to Sirius Capital Partners in 2015 (the “Investment”) in connection with Sirius I, the manager’s debut real estate fund offering. The completion of this share sale has provided Accord a successful full exit for the Investment. Accord Capital Partners LLC, Accord’s U.S. broker/dealer affiliate, served as the exclusive placement agent to Sirius I. Cibus is listed on the Nasdaq First North Premier Growth Market in Stockholm.
ABOUT ACCORD CAPITAL PARTNERS LLC
Accord, through its affiliates, is a global capital advisor and principal investor. With its headquarters in San Francisco and personnel in Chicago, London, Hong Kong and Seoul, Accord engages with a wide variety of participants in the real estate private equity industry. Accord Capital Partners LLC, its broker/dealer affiliate, provides advisory and capital raising services in the United States. For further information on Accord, visit: www.accord-group.net.