Citycon continues with the divestments of its residential portfolio in Sweden by selling 41 apartments connected to the shopping centre Tumba Centrum for SEK 48 million (approximately EUR 5 million). The apartments will be sold to a newly founded owners association called Tumba Torg by an agreement where the owners association agrees to purchase 100 per cent of the shares in Citycon's Swedish subsidiary Tumba Bostäder AB. The sold apartments have a total area of 2,328 sq.m., which accounts for approximately 25 per cent of all the apartments connected to Tumba Centrum. Closing of the transaction is expected to take place in July 2011.
“Citycon is a shopping centre operator focused in retail and therefore residential properties are not part of our strategy. Our intention is to sell all non-core residential properties from our portfolio,” comments Marcel Kokkeel, Citycon’s CEO.
This is Citycon’s fourth residential disposal. These past years the company has sold a total of 342 apartments in Sweden, approximately half of Citycon’s residential portfolio in the country.
Helsinki, 9 May 2011
CITYCON OYJ
Marcel Kokkeel
CEO
For further information, please contact:
Ulf Attebrant, Vice President, Swedish operations
Telephone +46 8 5228 0313
ulf.attebrant@citycon.com
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www.citycon.com
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