The sales price is in line with the asset’s latest IFRS fair value and will be adjusted according to the contract terms in connection with the closing. The transaction is estimated to close during Q2 2018.

“This divestment reflects Citycon’s strategy to focus on urban, grocery-anchored shopping centres in the Nordics. We will use the proceeds from the divestment in development and extension projects as well as to strengthen the balance sheet,” says Tom Lisiecki, Chief Development Officer at Citycon.