Citycon sells a retail property in Kuopio, Finland
CITYCON OYJ Investor News 9 April 2018 at 14.30 hrs
Citycon has signed an agreement to sell a retail property in Kuopio to Special Investment Fund Fennica Toimitilat I for approximately EUR 22 million. The sales price is in line with the asset’s latest IFRS fair value and will be adjusted according to the contract terms in connection with the closing. The transaction is estimated to close during Q2 2018.
“This divestment reflects Citycon’s strategy to focus on urban, grocery-anchored shopping centres in the Nordics. We will use the proceeds from the divestment in development and extension projects as well as to strengthen the balance sheet”, says Tom Lisiecki, Chief Development Officer at Citycon.
Espoo, 9 April 2018
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Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total almost EUR 5 billion and with market capitalisation of close to EUR 2 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa1) and Standard & Poor's (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.