Citycon Oyj has signed an agreement to sell its 100 per cent ownership in the Torikeskus shopping centre in Seinäjoki to a local investor. The purchase price is EUR 14.7 million and is in line with the asset’s IFRS fair market value. The closing of the transaction is estimated to take place before year-end.
The gross leasable area of Torikeskus is approximately 11,100 square metres, of which 8,050 square metres are retail premises with fashion and restaurant offering but no grocery anchor. Seinäjoki is a city of approximately 60 000 inhabitants some 360 kilometres from Helsinki.
“This divestment is in line with Citycon’s strategy to focus on urban, grocery-anchored shopping centres in the Nordics and Baltics. The centre had limited strategic value for us, and as the sales price values the asset at its full value, thereby validating our property valuation, we decided to sell the centre to recycle capital and concentrate on our core property portfolio”, says Nils Styf, Chief Investment Officer at Citycon.
Helsinki, 19 December 2013
CITYCON OYJ
For further information, please contact:
Nils Styf, Chief Investment Officer
Tel.: +46 733 506 039
nils.styf@citycon.com
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www.citycon.com
Citycon Oyj (NASDAQ OMX: CTY1S) is a leading owner and manager of urban grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total approximately 3.2 billion euros and with market capitalisation of more than a billion euros.