Citycon sells non-core retail property Lade in Trondheim, Norway to Frost Holding AS for EUR 21 million

Helsinki, Finland, 2017-Feb-28 — /EPR Retail News/ — Citycon has signed an agreement to sell the non-core retail property Lade at the outskirts of Trondheim to Frost Holding AS. The property has five tenants and covers 8,600 sq.m. of gross leasable area. The purchase price amounts to approximately EUR 21 million (NOK 183 million), which is in line with the assets IFRS fair value. The transaction is expected to close in early March.

“The disposal of Lade is a natural step in our strategy to refine our Nordic portfolio, focusing on grocery-anchored shopping centres in urban crosspoints. This is our first divestment in Norway following the acquisition of the Norwegian business in the summer 2015. We will reinvest the proceeds from our divestments in developments and extensions of existing assets”, says Marcel Kokkeel, Chief Executive Officer at Citycon

Citycon Oyj (Nasdaq Helsinki: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total approximately EUR 5 billion and with market capitalisation of over EUR 2 billion. For more information about Citycon, please visit www.citycon.com

Contact:
Marcel Kokkeel, CEO
Tel. +358 40 154 6760
marcel.kokkeel@citycon.com

Source: CITYCON OYJ

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