Citycon to Acquire the Minority Shares in Shopping centres in Norway

Norway — Citycon has agreed to acquire the 31% minority stakes in Storbyen and Sjøsiden shopping centres in the Oslo region and Oasen shopping centre in Bergen for an equity consideration of approximately € 31 M.

2015-11-12

The sellers are four minority shareholders. Citycon already owned the 69% majority share in these shopping centres, which were part of the Sektor Gruppen acquisition in July 2015.

- The portfolio is in line with our focus on necessity-based shopping centres in urban locations. Full ownership will allow for more efficient administration and we see value-add potential in all the properties through further asset management initiatives, says Nils Styf, Citycon´s Chief Investment Officer.