Citycon Sells Stockholm Shopping Center to Artmax

Sweden Sweden Citycon has entered a deal with Artmax regarding the divestment of the Ă…kermyntan shopping center in Stockholm. Furthermore, Citycon has developed and sold adjacent construction rights of approximately 7,000 square meter apartment buildings to a property developer.

2018-04-16

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Citycon’s total divestment price is approximately EUR 30M. 
 
“The divestment of Åkermyntan is a natural step in our strategy to focus on larger, grocery based shopping centers in urban nodes. The divestment gives us the opportunity to strengthen our balance sheet and finance our development projects,” says Tom Lisiecki, Development Manager at Citycon.
 
“The acquisition, our fourth in the Nordics in the last twelve months, fits our portfolio well with strong cash flows and development potential. Citycon has done great work with Åkermyntan and we are happy to take over the continued development of the center and local aream” says Kristoffer Ultenius, CEO at Artmax.
 
The Åkermyntan Center encompasses shops and service of a total of 9,400 square meters. Among the tenants are Ica, Lidl, Legevisitten’s ER, care, maternity and child welfare centers as well as a library.
 
CBRE were Citycon’s advisors in the transaction.




Maria Olsson Äärlaht
maria@nordicpropertynews.com




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