“The divestment follows Citycon’s strategy to focus on larger, grocery and municipal service-anchored urban hubs with direct connection to public transportation. The transaction showcases the attractiveness and desirability of necessity-based, inflation protected Nordic retail assets to investors as the transaction market is picking up”, says Erik Lennhammar, Citycon’s CDO.

This transaction is part of Citycon’s ongoing divestment programme targeting EUR 380 million of assets sales by the end of 2024, and a total of EUR 950 million over the next 24 months. The proceeds from this transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.