HELSINKI, Finland, April 3, 2018 /PRNewswire/ -- Citycon has sold Åkermyntan in Stockholm, Sweden to Artmax AB. In addition, Citycon has sold adjacent residential building rights to a Swedish property developer. The total purchase price including residential building rights amounts to approximately EUR 30 million, which is above the asset's latest IFRS fair value. The transaction was closed on 31 March 2018.
"This divestment of Åkermyntan is a natural step in our strategy to refine our Nordic portfolio and focus on larger grocery-anchored shopping centres in urban crosspoints. We will use the proceeds from the divestment to strengthen our balance sheet and to fund our development pipeline," says Tom Lisiecki, Chief Development Officer at Citycon.
For further information, please contact:
Chief Executive Officer, Citycon
Tel +358 40 154 6760
Executive VP and CFO
Tel. +358 50 557 91 37
is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total almost EUR 5 billion and with market capitalisation of close to EUR 2 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia.
Citycon has also established a foothold in Denmark. Citycon has investment-grade credit ratings from Moody's (Baa1) and Standard & Poor's (BBB). Citycon Oyj's share is listed in Nasdaq Helsinki.
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SOURCE Citycon Oyj