Citycon has signed a binding agreement to divest Stopp Tune shopping center in Sarpsborg, Norway for a gross purchase price of around EUR 20 million. The price is close to the latest IFRS fair value of the asset net of deferred tax impact. This divestment follows Citycon’s strategy to divest of non-core assets, as the divested asset is a small, car-based shopping center it categorises as a non-core asset for Citycon. The deal is estimated to close by mid-December 2024 and the proceeds from this transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.

“This divestment, in addition to the earlier announced divestments, follows Citycon’s strategy to focus on larger, grocery and municipal service-anchored Nordic urban hubs with direct connection to public transportation. With this transaction we continue to show commitment to our divestment targets and to further strengthen the company’s balance sheet,” says Erik Lennhammar, Citycon’s Chief Development & Investment Officer.