CITYCON OYJ Investor News 6 September 2024 at 15.00 hrs
Citycon has signed an agreement to divest Trekanten in Oslo, Norway for a gross purchase price of NOK 1 325 million (approx. EUR 112 million). The price is in line with the latest IFRS fair value of the asset, excluding the value of existing building rights. The transaction is estimated to close by the end of September.
This transaction is part of Citycon’s ongoing divestment programme targeting EUR 350 million of assets sales by the end of 2024. The proceeds from this transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.
“The divestment showcases the recovery of the transaction markets in the Nordics and the increasing investor appetite for Nordic real estate. Divesting the asset is an important action to strengthen Citycon’s credit metrics and provides a solid base for future deleveraging efforts. Further strengthening our balance sheet remains a key priority, and we are committed to our divestment target,” 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