Stovner Senter. Credit: Citycon

Citycon to acquire a portfolio of three shopping centres in Norway

Citycon has agreed to acquire the remaining interest in Sektor Portefølje II AS, a portfolio of three shopping centres in Norway.

The transaction consists of three assets, Stovner Senter, Torvbyen and Markedet. Citycon has managed the shopping centres since 2015 and also owned 20% of the portfolio. The transaction cost amounts approximately to EUR 145 million, of which Citycon assumes existing debt of approximately EUR 135 million and pays a cash purchase price for shares of approximately EUR 10 million. After the transaction, Citycon has 100% ownership of the portfolio. The transaction is expected to close on 6 February 2020.

In conjunction with this transaction an agreement has been signed on 3 February 2020 to sell Markedet with the price of approximately EUR 12 million. The closing is expected to take place by the end of the February 2020. 

“With the acquisition of this portfolio, we will strengthen our position in Norway. We see value in this portfolio and are in the process of selling Markedet, the smallest of the three assets. We have owned and managed the centres since 2015 and we know the assets well. With our extensive knowledge and full ownership of these assets, we believe we can create value for our shareholders,” says F. Scott Ball, CEO at Citycon.

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