Citycon has renewed lease agreements with the trading sector company Kesko for eleven grocery stores with long maturities. These stores are part of Citycon’s supermarket and shops portfolio. The agreements cover some 44,000 square metres of leasable area. The renewed leases increase the average remaining length of Citycon’s total lease portfolio by approximately 4 months (3.4 years at end of March 2013). Seven of the properties are well located in the Helsinki metropolitan area. An extensive renovation will be carried out in the largest of the properties, Sinikalliontie 1 in Espoo, and at the same time Kesko will renew the supermarket concept.
“This transaction is a clear example of value enhancing activities in our supermarket and shops portfolio. The renewed lease agreements underline the quality of the locations. The transaction strengthens Citycon’s property portfolio and co-operation with Kesko, our largest tenant,” says Harri Holmström, Chief Operating Officer of Citycon.
For further information, please contact:
Harri Holmström, Chief Operating Officer, tel. + 358 40 845 5726