The closing of the transaction is expected to take place in November. Four of the shopping centres are located in the Helsinki area and one in Jyväskylä. In total, the centres comprise approximately 61,000 square meters of gross leasable area.
"This transaction is a natural step to refine our Nordic portfolio and to focus on larger grocery-anchored shopping centres in urban crosspoints. We will use the proceeds to fund our development pipeline and strengthen the balance sheet," says Marcel Kokkeel, Chief Executive Officer at Citycon.
"In addition to being the largest investor in European real estate loans, Cerberus has directly invested more than EUR 5 billion in real estate properties across Europé. We are excited to expand our direct European real estate investing into the Finnish market with this acquisition. These multi-purpose properties in key, convenient areas, can serve as anchor properties for further development, and are well-positioned to benefit from solid growth in Finnish retail trade sales,” says Lee Millstein, Global Head of Real Estate for Cerberus.
JLL has acted as Citycon's advisor in the transaction.
Citycon divests in Finland for EUR 167M
Finland — Citycon and Cerberus announce that they have signed an agreement whereby Citycon will divest its shopping centres Espoontori, Tikkuri, Myllypuron Ostari, Martinlaakson Ostari and Jyväskylän Forum to an affiliate of Cerberus for a total value of approximately EUR 167M.
Maria Olsson Äärlahtmaria@nordicpropertynews.com