CITYCON OYJ   Investor News   20 December 2022 at 15:45 hrs

Citycon has successfully completed the transaction (published on 29 November 2022) to sell two non-core shopping centres in Norway for approximately NOK 1250 million (approximately EUR 120.8 million). Both assets are unencumbered, and the gross purchase price is within 2.5% of Q4/2021 book values. According to the agreement, Citycon divested Sjøsiden centre in Horten and Down Town in Porsgrunn to Scala Eiendom AS. The signing took place on 29 November 2022 and transaction was closed on 20 December 2022. The proceeds from the transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.


For further information, please contact:
Sakari Järvelä
Vice President, Corporate Finance and Investor Relations
Tel. +358 50 387 8180

Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.5 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.

Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon Oyj’s shares are listed on Nasdaq Helsinki.