Citycon divests Stopp Tune shopping center in Norway reaching EUR 354 million in divestments year to date

CITYCON OYJ   Investor News   9 December 2024 at 08:45 hrs

Citycon has signed a binding agreement to divest Stopp Tune shopping center in Sarpsborg, Norway for a gross purchase price of around EUR 20 million. The price is close to the latest IFRS fair value of the asset net of deferred tax impact. This divestment follows Citycon’s strategy to divest of non-core assets, as the divested asset is a small, car-based shopping center it categorises as a non-core asset for Citycon. The deal is estimated to close by mid-December 2024 and the proceeds from this transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.

“This divestment, in addition to the earlier announced divestments, follows Citycon’s strategy to focus on larger, grocery and municipal service-anchored Nordic urban hubs with direct connection to public transportation. With this transaction we continue to show commitment to our divestment targets and to further strengthen the company’s balance sheet,” says Erik Lennhammar, Citycon’s Chief Development & Investment Officer.

CITYCON OYJ

For further information, please contact:

Media contact request through:
Pia Grahn
Communications Director
Tel. +46 73 037 1722
pia.grahn@citycon.com

Investor contact requests through:
Anni Torkko
Investor Relations Manager
Tel. +358 45 358 0570
anni.torkko@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 predominantly in urban market in the Nordics.  The company is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.0 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