Citycon has signed an agreement to sell the Mandarinas shopping centre in Vilnius, Lithuania. The purchase price is approximately EUR 12.5 million and reflects close to 10% premium to asset’s latest IFRS fair value. The closing of the transaction is subject to the buyer receiving an approval by the Lithuanian competition authority. The transaction is estimated to close before year-end.
The gross leasable area of Mandarinas is approximately 7,900 sq.m. The shopping centre has been Citycon’s single asset in Lithuania since 2006.
“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 at a good valuation and to recycle the capital. Lithuania will remain a strategic market for Citycon also in the future”, says Nils Styf, Chief Investment Officer at Citycon.
Helsinki, 19 November 2014
For further information, please contact:
Nils Styf, Chief Investment Officer
Tel.: +46 733 506 039
Citycon Oyj (NASDAQ OMX: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total approximately EUR 3.3 billion and with a market capitalisation of approximately EUR 1.6 billion. For more information about Citycon, please visit www.citycon.com