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Citycon disposes of  non-core portfolio in Finland for €76 million

​Leading Nordic shopping centre specialist Citycon continues to implement its corporate strategy by disposing of a portfolio of non-core properties. Citycon has entered into an agreement to sell a 60,000 sq m portfolio of 13 grocery store properties located across Finland to a Finnish property fund for a total value of approximately €76 million. The sales price is slightly below the IFRS fair value for the properties and the transaction is expected to be closed in August.

Nils Styf, Chief Investment Officer at Citycon says "These divestments are part of Citycon's strategy to recycle capital and focus on mid-to-large sized urban, grocery-anchored shopping centres in the Nordics and Baltics"

Christian Hohenthal, Head of Capital Markets at JLL Finland which advised Citycon on this transaction comments "We are extremely pleased to facilitate this sale in line with Citycon's ongoing strategy. We continue to see increasing momentum in the Finnish investment market, particularly in the food grocery segment as underlined by this significant portfolio deal."

The portfolio consists of the following assets: Lahden Kauppakatu (Lahti), Varkauden Relanderinkatu (Varkaus), Runeberginkatu 33 (Porvoo), Kirkkonummen Liikekeskus (Kirkkonummi), Vantaan Säästötalo (Vantaa), Porin Isolinnankatu (Pori), Kotkan Keskuskatu (Kotka), Vaakalintu (Riihimäki), Orimattilan Markkinatalo (Orimattila), Minkkikuja 4 (Vantaa), Karjaan Ratakatu (Raasepori), Hakunilan Keskus (Vantaa) and Puijonlaakson Palvelukeskus (Kuopio).

JLL  acted as advisor to Citycon on the transaction.

If you would like to learn more about the Nordic retail market, why not take a look at our Destination Nordics re​​port​?