Citycon divests a non-core portfolio in Finland for EUR 76 million
Citycon continues to implement its strategy by divesting a portfolio of non-core properties. Citycon has entered into an agreement to sell a 60,000 sq.m. portfolio of 13 grocery store properties located across Finland to a Finnish property fund for a total value of approximately EUR 76 million. The sales price is slightly below the IFRS fair value for the properties and the transaction is expected to be closed in August.
“These divestments are part of Citycon’s strategy to recycle capital and focus on mid-to-large sized urban, grocery-anchored shopping centres in the Nordics and Baltics,” says Nils Styf, Chief Investment Officer at Citycon.
The portfolio consists of the following assets: Lahden Kauppakatu (Lahti), Varkauden Relanderinkatu (Varkaus), Runeberginkatu 33 (Porvoo), Kirkkonummen Liikekeskus (Kirkkonummi), Vantaan Säästötalo (Vantaa), Porin Isolinnankatu (Pori), Kotkan Keskuskatu (Kotka), Vaakalintu (Riihimäki), Orimattilan Markkinatalo (Orimattila), Minkkikuja 4 (Vantaa), Karjaan Ratakatu (Raasepori), Hakunilan Keskus (Vantaa) and Puijonlaakson Palvelukeskus (Kuopio).
Helsinki, 15 July 2015
For further information, please contact:
Nils Styf, Chief Investment Officer
Tel. +46 733 50 60 39
Citycon Oyj (Nasdaq Helsinki: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total EUR 5 billion and with a market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com