Efficient portfolio financing

Citycon focuses on having a strong capital base with an appropriate gearing level, low cost of debt and flexible access to debt financing supported by investment-grade credit ratings. Sufficient and attractively priced financing gives us the capacity and flexibility to deliver on our strategy and to buy, sell or develop when opportunities arise. Long-term joint venture partnerships extend our capital base, spread the risk and leverage the expertise.

Long-term financing targets
Loan-To-Value (LTV): 40-45%
Debt portfolio's hedge ratio: 70-90%
Average loan maturity: >5 years

 Key financing figures  
30 September 2019

30 September 2018

31 December 2018
Fair value of debt MEUR 2 ,134.8 2 ,171.1 2 ,154.6
Available liquidity MEUR 555.3 556.7 556.4
Average loan maturity years 4.3 5.2 5.0
Loan to Value (LTV)  % 49.7 48.2 48.7
Equity ratio (financial covenant > 32.5)  % 44.2 45.9 45.4
Interest cover ratio (financial covenant > 1.8) x 4.1 3.8 3.8
Solvency ratio (financial covenant < 0.65 )  x 0.47 0.47 0.48
Secured solvency ratio (financial covenant < 0.25)  x 0.02 0.02 0.02
Average interest-rate fixing period years 4.3 5.2 5.0

Interest rate hedging ratio

% 82.4 92.1 91.7

Updated

24.10.2019