PRESS RELEASE CITYCON OYJ 24.10.2013 AT 1:00 PM, 2013-10-24 12:00 CEST (GLOBE NEWSWIRE) --
Citycon Oyj (NASDAQ OMX: CTY1S), the leading owner, manager and developer of urban grocery-anchored shopping centres in the Nordic and Baltic regions, today noted the company's 25th anniversary with Chief Executive Officer, Marcel Kokkeel, rings the New York NASDAQ Stock Market Bell.
Founded in 1988 as an investor in Finnish office properties, Citycon is now the largest shopping centre owner and operator in Finland and Estonia and the second largest in Sweden with 38 shopping centres and 35 other retail properties in the Nordic and Baltic region.
Mr. Kokkeel commented: “The Nordic countries are the best kept secret for retailers and investors. Strong stable markets rated AAA, 25 million consumers, a continuous trend of urbanization and yet there is a noticeable absence of international retail brands in the Nordic countries compared to the rest of Europe. While we have seen attractive economic and urbanization growth statistics in the region, there is a substantial opportunity for brands that aim to expand their global visibility."
"Citycon chooses to be in urban locations, close to where customers live and work and within close reach of public transport, health care and municipal facilities. Citycon has a strong track record of introducing new brands to the Nordic and Baltic retail markets which offers a genuine opportunity to international retailers seeking their share of the growth. We thank the NASDAQ for celebrating our 25th year anniversary with this ceremonious event, continues Mr Kokkeel."
Citycon's CFO, Eero Sihvonen: "Our business model is based predominantly on grocery-anchored shopping centres in growing urban markets with high barriers of entry. This makes our cash flows highly predictable and causes an attractive dividend yield of around 5,8%".
Citycon Oyj (NASDAQ OMX: CTY1S) is the leading owner and manager of urban grocery anchored shopping centers in the Nordic and Baltic region, managing assets that total approximately 3.2 billion euros and with market capitalization of more than a billion euros.
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