Citycon sells two non-core properties in Finland and Sweden for EUR 14 million

CITYCON OYJ          Press release              24 June 2015

Citycon has entered into contracts to divest two small properties located in Tikkurila in Vantaa and Kallhäll in Stockholm. The total sales price for the two properties is around EUR 14 million. The blended premium of the sales prices reflects a premium to the latest IFRS fair value in excess of 15 per cent.  

In Finland, Citycon is selling the Talvikkitie 7-9 property comprising ca 8,700 sqm in Vantaa (Helsinki), a vacant former retail property where a new zoning plan has gained legal force. The new zoning plan will allow for the construction of around 19,500 square metres of new residential units on the existing plot where the current property stands. The current property will be demolished. Citycon is selling the property to YIT.

In Sweden, Citycon is selling Kallhäll 9:18, a grocery store property comprising ca 3,700 sqm located in Kallhäll (Stockholm) to a private investor. 

“With these divestments, Citycon is continuing to implement its strategy to focus on grocery-anchored shopping centres and divest smaller retail properties and non-core shopping centres.,” says Nils Styf, Chief Investment Officer at Citycon.
 

Helsinki 24 June 2015

CITYCON OYJ
 

Further information:
Nils Styf, Chief Investment Officer
Tel. +46 733 506 039
nils.styf@citycon.com


Citycon Oyj (Nasdaq Helsinki: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions. The company manages assets that total approximately EUR 3.4 billion and its shares have a market value of approximately EUR 1.8 billion. For more information about Citycon, please visit www.citycon.com


 

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