Citycon has today agreed to acquire GIC’s 40 per cent stake in the Iso Omena shopping centre in the Helsinki region. After this transaction, Citycon owns 100 per cent of the existing shopping centre. The purchase price is in line with the current fair value of Iso Omena.
GIC has been a co-investor in Iso Omena since 2008. During this period, Iso Omena has shown strong performance with net rental income increasing by approximately 30 per cent, and footfall and sales by approximately 17 per cent.
“We have been very pleased with the joint venture with GIC and want to thank them for their commitment in making Iso Omena one of the best shopping centres in the Helsinki region. As we enter a new development phase, we believe full ownership of the property will provide flexibility in terms of future development possibilities,” says Citycon’s CEO Marcel Kokkeel.
Iso Omena is Citycon’s largest shopping centre in Finland and is currently undergoing a major expansion and (re)development project. The expansion’s first phase is being carried out in a 50-50 partnership with NCC Property Development. Featuring 75,000 square metres of retail area, the expanded Iso Omena will open in late summer 2016 and will be fully integrated with the busy Matinkylä station of the new western metro line.
Helsinki, 16 October 2014
CITYCON OYJ
For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 20 766 4521
marcel.kokkeel@citycon.com
Citycon Oyj (NASDAQ OMX: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total approximately EUR 3.3 billion and with a market capitalisation of approximately EUR 1.6 billion. For more information about Citycon, please visit www.citycon.com
Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com