HELSINKI, May 16, 2018
HELSINKI, May 16, 2018 /PRNewswire/ --
Citycon has signed an agreement to sell a shopping centre in Stord, Norway to an affiliate of Midgard Gruppen AS for a gross asset value of approximately EUR 24 million. The sales price is close to 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, 16 May 2018
Chief Executive Officer, Citycon
Executive VP and CFO
Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total approximately EUR 4.5 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.
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