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Buskerud Shopping Center. Credit: Citycon

Citycon sells two non-core shopping centers in Norway for €145.4 million

Citycon has signed an agreement to sell two non-core shopping centers in Norway for approximately €145.4 million. According to the agreement, Citycon will divest Buskerud center to Aurora Eiendom AS and Magasinet center to Oslo Opportunity II AS and Vedal Investor AS. The transaction is estimated to close during Q1/2022.

“These divestments continue to follow Citycon’ s strategy to recycle capital out of non-core assets in order to narrow our focus on larger, grocery, and municipal service-anchored urban hubs with direct connection to public transportation and development potential,” says F. Scott Ball, Citycon’s CEO.

He continues: “Furthermore, the transaction highlights the attractiveness and desirability of high-quality, Nordic retail assets to investors. The proceeds from this transaction allow us to further strengthen our investment grade balance sheet and provide the flexibility to pursue targeted and disciplined acquisitions.”