HELSINKI, Oct. 27, 2021 /PRNewswire/ -- Citycon has signed an agreement to sell a necessity-based retail centre Columbus located in Helsinki, Finland to a Nordic real estate investor, NREP. The gross purchase price amounts to approximately EUR 106.2 million, which corresponds to Q3/2021 valuation, but is approximately 10 MEUR above the Q4/2020 valuation. The transaction is estimated to close during Q4/2021.
"Columbus demonstrates Citycon´s ability to create additional value through active asset management at every stage of the property life cycle. During Citycon´s ownership, Columbus has been transformed to a grocery-anchored urban hub, which has also been reflected in its increase in value. Furthermore, the transaction highlights the attractiveness of high-quality, Nordic real estate assets to investors. Following our recent near-term debt redemptions, we are investigating using some proportion of the proceeds to repurchase shares as given our share price is trading at a significant discount to EPRA NRV," says F. Scott Ball, Citycon's CEO.
Citycon´s advisor in the transaction was MREC Oy.
For further information, please contact:
VP, Strategy & Investor Relations
Tel. +358 40 725 7573
Citycon is a leading owner, manager and developer of mixed-use centres for urban living including retail, office space and housing. We are committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.4 billion. Our centres are located in urban hubs with a direct connection to public transport. Placed in the heart of communities, our centres are anchored by groceries, healthcare and services to cater for the everyday needs of customers.
Citycon has investment-grade credit ratings from Moody's (Baa3), Fitch (BBB-) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.
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SOURCE Citycon Oyj