Dutch ING snaps up Swedish supermarkets

Holland's ING Groep NV said that its Real Estate unit has bought 25 supermarkets in Sweden from the local retail group ICA.

ING Real Estate is to pay 93 million euros for the shops, which will be leased back by ICA for average periods of more than 10 years, ING said.

ING also said it will set up a new Real Estate Nordic Property Fund, to which the 25 ICA supermarkets will be added.

This fund will be set up in the fourth quarter of this year and will also include the Swedish Coop Norden portfolio, which was bought in December of last year for 445 million euros by ING Real Estate, ING said.