CITYCON OYJ Investor News 23 October 2024 at 08:30 hrs
Citycon has signed an agreement to divest an upcoming residential property in Barkarbystaden, Stockholm, Sweden for a gross purchase price of approximately SEK 683 million.
In 2022, Citycon signed a forward commitment agreement to acquire the property. Divestment of the asset is planned to be executed in December 2024 back-to-back, simultaneously with Citycon's purchase of the asset from the developer. As the asset was acquired as a forward commitment, this transaction will have minimal impact on Citycon’s cash flow.
“We are pleased with this back-to-back transaction, through which we are selling the upcoming residential property. This allows us to focus on our core business of owning, operating, and developing necessity-based urban hubs. At the same time, we remain committed to our divestment target, aiming to further strengthen our balance sheet,” says Erik Lennhammar, Citycon’s Chief Development & Investment Officer.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
Chief Financial Officer
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 4.2 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