Today, Citycon has acquired the Citytalo property, located in Oulu, Northern Finland, at a purchase price of EUR 13.5 million from the local parish union and private owners. Situated in the heart of Oulu’s city centre, the Citytalo property is right next to shopping centre Galleria, owned by Citycon. Citytalo has a total leasable area of around 2,800 square metres. The premises are fully leased, with Clas Ohlson, Gina Tricot and DinSko as anchor tenants. Citytalo comprises two mutual real estate companies: Isokatu 20 and Isokatu 22 (incl. the plot). The extension and redevelopment project of shopping centre Galleria, currently being planned, is the main reason for acquiring the Citytalo property. At the time of acquisition, its net yield is around 6.5 per cent.
“The acquisition of Citytalo reinforces Citycon’s position in the centre of Oulu. Together with shopping centre Galleria, located next door, it forms a strong retail entity. Citytalo is fully leased and its tenants are strong retail players. In addition, the purchase of Citytalo gives Citycon a better opportunity to develop the entire Citykortteli block,” says Niko Pulli, Citycon’s Director of Centre Management.
Helsinki, 2 July 2012
For further information, please contact:
Niko Pulli, Director of Centre Management
Tel. +358 40 544 9014
NASDAQ OMX Helsinki