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Credit: Citycon
Credit: Citycon

Citycon sells two shopping centers in Finland

The company has signed an agreement to sell two shopping centers in Finland for approximately EUR 77 million to a Nordic real estate investor NREP.

According to the agreement, Citycon will divest shopping center Arabia in Helsinki and shopping center Duo in Tampere. The sales price is in line with the asset’s latest IFRS fair value. The transaction is estimated to close during Q2/2019.

“This divestment reflects Citycon’s strategy to focus on larger, urban and grocery-anchored shopping centers in the Nordics. We will use the proceeds from the divestment to strengthen our balance sheet and to finance the ongoing re-development projects. The divestment of Duo and Arabia is also a testimony that there is real estate investor demand for Nordic retail assets, which have a good tenant mix”, said F. Scott Ball, Citycon’s CEO.