Citycon divests Kongssenteret in Norway

CITYCON OYJ   Investor News   16 May 2024 at 9.00 hrs

Citycon has signed an agreement to sell Kongssenteret in Kongsvinger, Norway. The sales price is close to the latest IFRS fair value of the asset. The transaction is estimated to close by the end of May.

“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.

For further information, please contact:
Sakari Järvelä
CFO
Tel. +358 50 387 8180
sakari.jarvela@citycon.com

Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.1 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.

Citycon has investment-grade credit rating from Standard & Poor's (BBB-). Citycon Oyj’s shares are listed on Nasdaq Helsinki.

www.citycon.com