CITYCON HAS ACQUIRED THE TORIKESKUS SHOPPING CENTRE IN SEINÄJOKI
Citycon Oyj, which specialises in commercial premises for the
retail trade, has acquired the Torikeskus shopping centre in
Seinäjoki from Polar Real Estate Corporation in accordance with a
previously made preliminary agreement.
Seinäjoen Torikeskus is one of the leading shopping centres in the
large market area of Southern Ostrobothnia. The shopping centre
was visited by an 1.5 million customers in 2003 and its total
sales were roughly 16.0 million euros. The purchase price of
Seinäjoen Torikeskus is 7.0 million euros. The net yield of the
property on its purchase price at the date of the transaction is
roughly 8.6 per cent. To finance the transaction, Citycon is to
take a loan of EUR 5 million.
Citycon is the Finnish market leader for shopping centre business.
After the transaction, the company owns a total of 16 shopping
centres in the Helsinki Metropolitan Area and other regional
centres in Finland. The estimated total sales of the shopping
centres after the transaction are 739.7 million euros a year.
In addition to shopping centres, Citycon also owns 133
supermarkets and shops. The balance sheet value of the company's
entire property portfolio after the transaction now effected is
728.9 million euros, of which shopping centres account for 58.3
per cent and supermarket and shops for 41.7 per cent.
Citycon Oyj
Board of Directors
Further information:
CEO Petri Olkinuora
Tel. +358 400 333 256
Head of Shopping Centre Division Kaisa Vuorio
Tel. +358 500 667 227
www.citycon.fi
Distribution: Helsinki Exchanges and key media