Citycon sells Magistral shopping centre in Tallinn
Citycon has signed an agreement to sell the Magistral shopping centre in Tallinn, Estonia, to the Baltic commercial property fund EfTEN Kinnisvarafond II AS. The purchase price is EUR 24 million, in line with the asset’s latest IFRS fair value. The closing of the transaction is subject to an approval by the Estonian competition authority. The transaction is estimated to close by March 2016.
“This divestment is in line with Citycon’s strategy to focus on urban, grocery-anchored shopping centres in the Nordics and Baltics and to divest the non-core portfolio of smaller retail assets and shopping centres. We feel that it is the right time to divest this smaller non-strategic asset and to recycle the capital”, says Nils Styf, Chief Investment Officer at Citycon.
Helsinki, 15 February 2016
For further information, please contact:
Nils Styf, Chief Investment Officer
Tel.: +46 733 506 039
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 close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com