Citycon Divests a Non-core Portfolio in Finland for € 76 M

Finland — Citycon has entered into an agreement to sell a 60,000 sqm portfolio of 13 grocery store properties located across Finland to a Finnish property fund for a total value of approximately €76 M.

2015-08-14

The sales price is slightly below the IFRS fair value for the properties and the transaction is expected to be closed in August.
Citycon continues to implement its strategy by divesting a portfolio of non-core properties.

“These divestments are part of Citycon’s strategy to recycle capital and focus on mid-to-large sized urban, grocery-anchored shopping centres in the Nordics and Baltics, says Nils Styf, Chief Investment Officer at Citycon.

The portfolio consists of the following assets: Lahden Kauppakatu (Lahti), Varkauden Relanderinkatu (Varkaus), Runeberginkatu 33 (Porvoo), Kirkkonummen Liikekeskus (Kirkkonummi), Vantaan Säästötalo (Vantaa), Porin Isolinnankatu (Pori), Kotkan Keskuskatu (Kotka), Vaakalintu (Riihimäki), Orimattilan Markkinatalo (Orimattila), Minkkikuja 4 (Vantaa), Karjaan Ratakatu (Raasepori), Hakunilan Keskus (Vantaa) and Puijonlaakson Palvelukeskus (Kuopio).