Citycon approves two new share-based incentive plans for the Group key employees

ESPOO, Finland, 2018-Feb-28 — /EPR Retail News/ — The Board of Directors of Citycon Oyj has approved two new share-based incentive plans for the Group key employees, a Matching Share Plan 2018—2020 and a Restricted Share Plan 2018—2020.

The aim of the new plans is to combine the objectives of the shareholders and the key employees in order to increase the value of the company in the long-term, to bind the key employees to the company, and to offer them competitive reward plans based on acquiring and receiving the company´s shares.

Matching Share Plan 2018—2020

The new Matching Share Plan 2018—2020 includes three matching periods, calendar years 2018—2019, 2019—2020, 2020—2021. The prerequisite for participation in this plan and for reward payment is that a key employee invests in the company’s shares a pre-determined percentage of the bonus earned from the company’s performance bonus scheme during the calendar year preceding a matching period (the “Share Ownership Prerequisite”). If a key employee´s Share Ownership Prerequisite is fulfilled and his or her employment or service is in force with a Citycon group company upon reward payment, he or she will receive free matching shares for shares subject to the Share Ownership Prerequisite.

The Matching Share Plan 2018-2020 is directed to the CEO and the other members of the Corporate Management Committee. The rewards to be paid on the basis of this plan from the matching period 2018—2019 correspond to the value of an approximate maximum total of 200,000 Citycon Oyj shares. In addition, a cash proportion is included in the reward to cover taxes and tax-related costs arising from the reward to the participant. The rewards from the matching period 2018—2019 will be paid in 2020.

Restricted Share Plan 2018—2020

The rewards from the new Restricted Share Plan 2018—2020 may be allocated in 2018—2020. The reward will be based on a valid employment or service contract of a key employee upon the reward payment, and it will be paid partly in the company’s shares and partly in cash after the end of a vesting period. A vesting period will last 12 to 36 months from a reward allocation.

The Restricted Share Plan 2018-2020 is directed only to selected key employees, excluding the CEO and other members of the Corporate Management Committee. The rewards to be paid on the basis of this plan in 2018—2020 correspond to the value of an approximate maximum total of 200,000 Citycon Oyj shares including also the cash proportion to be used for taxes and tax-related costs.

CITYCON OYJ
The Board of Directors

For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 40 154 6760
marcel.kokkeel@citycon.com

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

Citycon has investment-grade credit ratings from Moody’s (Baa1) and Standard & Poor’s (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.

SOURCE: CITYCON OYJ

Citycon’s VP, Marketing and Branding Marianne Mazarino Håkonsen to leave the company

Espoo, Finland, 2017-Dec-20 — /EPR Retail News/ — Marianne Mazarino Håkonsen, Citycon Oyj’s VP, Marketing and Branding and member of the Corporate Management Committee will leave the company. She will step down from the Corporate Management Committee as of January 2018 and leave the company as of March 2018. The decision to leave is mutual between the company and Mrs. Håkonsen and is the result of the company’s decision to integrate the marketing and branding department with operations under the direct responsibility of Chief Operating Officer (COO) Jurn Hoeksema.

Håkonsen joined Citycon in 2015 when Citycon acquired Sektor Gruppen and has been a member of the Corporate Management Committee since December 2015.

“I want to thank Marianne for her valuable contribution to the company during the past couple of years”, says Marcel Kokkeel, CEO of Citycon.

As a result of the change, effective January 2018, Citycon’s Corporate Management Committee will consist of the following members: Marcel Kokkeel, Eero Sihvonen, Anu Tuomola, Jurn Hoeksema and Tom Lisiecki.

SOURCE: CITYCON OYJ

For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 40 154 6760
marcel.kokkeel@citycon.com

Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total almost EUR 5 billion and with market capitalisation of close to EUR 2 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.

Citycon has investment-grade credit ratings from Moody’s (Baa1) and Standard & Poor’s (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.

www.citycon.com

Citycon announces equity repayment of EUR 0.0325 per share

Helsinki, 2017-Dec-13 — /EPR Retail News/ — The Board of Directors of Citycon Oyj has today (12 December 2017) decided, on the basis of the authorisation by the Annual General Meeting 2017, that an equity repayment of EUR 0.0325 per share be distributed from the invested unrestricted equity fund of the company. The equity repayment will be paid to a shareholder registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for the dividend and equity repayment 14 December 2017. The equity repayment will be paid on 29 December 2017.

Citycon’s Annual General Meeting held on 22 March 2017, resolved to authorise the Board of Directors to decide in its discretion on the distribution of dividend and equity repayment. Based on the authorisation the total amount of the dividend to be distributed shall not exceed EUR 0.01 per share and the maximum amount of equity repayment distributed from the invested unrestricted equity fund shall not exceed EUR 0.12 per share. The authorisation is valid until the opening of the Annual General Meeting 2018.

Following the asset distribution on 29 December 2017, Citycon Oyj has distributed a total dividend and equity repayment of EUR 0.13 per share during the year 2017 and the Board of Directors has fully exercised the asset distribution authorisation granted by the Annual General Meeting.

Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total almost EUR 5 billion and with market capitalisation of close to EUR 2 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.

Citycon has investment-grade credit ratings from Moody’s (Baa1) and Standard & Poor’s (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.

www.citycon.com

For further information, please contact:
Marcel Kokkeel
CEO
Tel. +358 40 154 6760
marcel.kokkeel@citycon.com

Eero Sihvonen
Executive Vice President and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com

Source: Citycon

Citycon to release its Q3 financial results on Thursday, 19 October

Helsinki, 2017-Oct-17 — /EPR Retail News/ — Citycon will publish its Interim Report for 1 January – 30 September 2017 on Thursday, 19 October approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocast can be participated by calling in and followed live on the following website: https://citycon.videosync.fi/q3_2017

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocast will be recorded and it will be available afterwards on Citycon’s website.

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 EUR 5 billion and with market capitalisation of EUR 2 billion. For more information about Citycon, please visit www.citycon.com

For further information, please contact:
Eero Sihvonen
Executive Vice President and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com

Source: CITYCON OYJ

Citycon to release its 3Q 2017 results on Thursday, 19 October

Helsinki, 2017-Oct-13 — /EPR Retail News/ — Citycon will publish its Interim Report for 1 January – 30 September 2017 on Thursday, 19 October approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocast can be participated by calling in and followed live on the following website: https://citycon.videosync.fi/q3_2017

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocast will be recorded and it will be available afterwards on Citycon’s website.

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 EUR 5 billion and with market capitalisation of EUR 2 billion. For more information about Citycon, please visit www.citycon.com

For further information, please contact:
Eero Sihvonen
Executive Vice President and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com

Source: Citycon Oyj

Citycon to host half-yearly report conference call on Thursday, 13 July

Helsinki, 2017-Jul-08 — /EPR Retail News/ — Citycon will publish its Half-Yearly Report for 1 January – 30 June 2017 on Thursday, 13 July approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocast can be participated by calling in and followed live on the following website: https://citycon.videosync.fi/h1-2017

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocast will be recorded and it will be available afterwards on Citycon’s website.

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 EUR 5 billion and with market capitalisation of EUR 2 billion. For more information about Citycon, please visit www.citycon.com

For further information, please contact:
Henrica Ginström
Vice President, Investor Relations and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Source: Citycon Oyj

Citycon completes sale of Satakunta University of Applied Sciences’ new campus building to Hemsö for EUR 57 million

Citycon completes sale of Satakunta University of Applied Sciences’ new campus building to Hemsö for EUR 57 million

 

Helsinki, Finland, 2017-Jun-01 — /EPR Retail News/ — Citycon has completed the sale of Satakunta University of Applied Sciences’ (SAMK) new campus building to Swedish property investor Hemsö for EUR 57 million. Following the completion of the development project and the handover to SAMK, the sale was now closed on the basis of the contract signed in 2015.

An old commercial building was demolished to make way for the now completed new build that houses SAMK’s teaching facilities on a long-term 20-year lease.

As the previous Porin Asema-aukio retail building at the centre of Pori was technically outdated and had only limited demand in retail use, the decision was made by Citycon to actively develop the property for another purpose. Citycon was selected as the developer for the campus project in a tendering process organised by the City of Pori at the start of 2014. The construction work began in early 2015.

“The new SAMK campus in Pori is an excellent demonstration of our expertise in property development. The management of education buildings is not part of our core business activity and this divestment is in line with our strategy of focusing on urban grocery-anchored shopping centres. The SAMK development project was financially successful, generating accretive returns on investment. The proceeds will be used to repay debt and thereby to strengthen our balance sheet” commented Eero Sihvonen, Citycon’s Executive Vice President and CFO.

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 EUR 5 billion and with market capitalisation of EUR 2 billion. For more information about Citycon, please visit www.citycon.com

For further information, please contact:
Eero Sihvonen
Executive VP and CFO
Telephone +358 20 766 4459 or +358 40 154 9137
eero.sihvonen@citycon.com

Source: Citycon

###

Citycon builds new Lippulaiva shopping centre in Espoo that will house the largest geothermal power plant in the world

Citycon builds new Lippulaiva shopping centre in Espoo that will house the largest geothermal power plant in the world

 

Helsinki, Finland, 2017-May-17 — /EPR Retail News/ — Citycon is building the new state-of-the-art Lippulaiva shopping centre in Espoo, Helsinki Area. The heating and cooling of the shopping centre will be produced by renewable, carbon-neutral geothermal energy derived from the bedrock. Lippulaiva will use all of the heating and cooling energy provided by the plant, so the energy production will be local. The plant will make Lippulaiva almost completely self-sufficient in terms of heating and cooling energy.

Citycon is partnering in the project with energy company Adven, who will make the investment in the geothermal plant and will be in charge of contracting as well as operation during use of the facility. Lippulaiva’s plant is as far as known the largest geothermal heating and cooling facility in the world to be constructed in connection with a retail property.

The total output of the facility is roughly 4000kW, equalling 500 residential house heat pump systems. The shopping centre’s gross leasable area is 42,000 square metres, while the geothermal power plant will provide heating and cooling for of a gross area of 57,000 square metres in total. In addition to the leasable premises, the system provides heating and cooling for the parking garage and to the service floors located in connection to the shopping centre.

Self-sufficiency and environmental awareness

A shopping centre requires extensive cooling. In addition to the warm summer months, cooling is needed e.g. for the grocery stores’ refrigeration equipment throughout the year. Previously, Lippulaiva’s cooling was produced by blowing the cooled condensation heat into the air, but in the new facility, condensation heat will be recovered and recycled by storing it in the bedrock.

“With geothermal energy, cooling is produced locally and in an environmentally friendly manner. We no longer need to place condensers on the roof of the shopping centre; instead, the roof can be used for landscaping, or it can house solar panels or be a setting for recreational use. The third important aspect is the continuously increasing price of energy. The geothermal power plant will make us more self-sufficient and our energy costs more predictable,” says Citycon’s Project Director Heikki Alén.

A total of 170 geothermal wells will be drilled into the bedrock underneath Lippulaiva. Each of the wells will be approximately 300–350 metres deep, making the total length of the wells in the system 50 kilometres.

“Cooling is obtained from the bedrock in the summer and heat is transferred into it in exchange. The bedrock operates like a battery: the heat stored in it during the summer can be used during the heating season”, says Timo Koljonen, VP, Geoenergy, at Adven Group, as he describes the operating principle of the power station.

Drilling the geothermal wells began at the beginning of May 2017 and will continue until 2018. The work is scheduled to coincide with the construction of the new Lippulaiva shopping centre

“According to its values, Espoo is a responsible forerunner. We are committed to developing Espoo in a socially, ecologically and financially sustainable manner. According to an international comparison study, Espoo is the most sustainable city in Europe and we wish to maintain this status in the future as well. Citycon’s geothermal heating plant is an excellent example of how Espoo is implementing its strategy of being a pioneer in combatting climate change,” says Olli Isotalo, Head of Technical and Environment Services for the City of Espoo.

“There are great opportunities in the real estate sector to reduce energy consumption while also reducing energy-related environmental impacts and maintenance costs. Energy efficiency is a crucial factor in the strategy of Citycon. Reducing energy consumption, improving energy efficiency as well as using and producing renewable energy are all part of our strategy. This includes carrying out feasibility studies on renewable energy in connection with our development projects, and the geothermal energy solution at Lippulaiva is a good example of this”, says Wilhelm Ehrnrooth, Sustainability Analyst at Citycon.

Adven has earlier delivered a geothermal power station for Citycon in the Jakobsbergs Centrum shopping centre in Sweden.

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 EUR 5 billion and with market capitalisation of EUR 2 billion. For more information about Citycon, please visit www.citycon.com

Adven is the leading industrial and commercial outsourced energy and water infrastructure and services provider in Finland, Sweden and Estonia. Adven holds long-term contracts to build, own and operate plants producing process steam, heat and cold at its clients’ production facilities. In addition to the tailored energy solutions, Adven provides district heating, space heating and cooling through geothermal solutions and has a gas distribution/resale business. Adven delivers energy at around 140 industrial sites, operates around 50 district heating sites and networks, and 15 geothermal sites corresponding to an installed capacity of approximately 1,500MW. www.adven.com

Contact:

Heikki Alén
Project Director
Tel. +358 (0)40 567 6619
heikki.alen@citycon.com

Timo Koljonen
VP Geoenergy Finland, Adven
Tel. +358 50 466 6999
timo.koljonen@adven.com

Source: Citycon Oyj

###

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

Citycon announces release of 2016 annual report for both print and web

Helsinki, 2017-Feb-04 — /EPR Retail News/ — Citycon will publish its Financial Statements and Financial Statements Release for 1 January – 31 December 2016 as well as its Corporate Governance Statement on Thursday, 9 February approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocasting can be participated by calling in and followed live on the following website: https://citycon.videosync.fi/2017-02-09

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocasting will be recorded and it will be available afterwards on Citycon’s website.

For further information, please contact:
Henrica Ginström
Vice President, Investor Relations and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Source: CityCon

Citycon divests retail property Länken in Umeå, Sweden

Helsinki, 2016-Dec-23 — /EPR Retail News/ — Citycon has signed an agreement to sell its share in the retail property Länken in Umeå to a Swedish real estate company. Citycon’s proceeds from the transaction are approximately EUR 24 million and subject to closing adjustments related to the ongoing (re)development in the property. The purchase price is in line with the asset’s latest IFRS fair value. The transaction is estimated to close in Q1 2017.

“This divestment reflects Citycon’s strategy to focus on urban, grocery-anchored shopping centres in the Nordics and Baltics. Following this divestment all of Citycon’s investments in Sweden are shopping centres in the Stockholm and Gothenburg areas”, 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 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 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com

Source: Citycon Oyj

Citycon decided an equity repayment of EUR 0.0375 per share

Helsinki, 2016-Dec-23 — /EPR Retail News/ — The Board of Directors of Citycon Oyj has today (December 20, 2016) decided that an equity repayment of EUR 0.0375 per share be distributed from the invested unrestricted equity fund of the company. The equity repayment will be paid to a shareholder registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for the equity repayment December 22, 2016. The equity repayment will be paid on December 30, 2016.

The distribution is based on the authorisation by Citycon Oyj’s Annual General Meeting held on March 16, 2016. Following the equity repayment on December 30, 2016, Citycon Oyj has distributed a total dividend and equity repayment of EUR 0.15 per share during the year 2016 and the Board of Directors has fully exercised the asset distribution authorisation granted by the Annual General Meeting.

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 EUR 5 billion and with market capitalisation of over EUR 2 billion. For more information about Citycon, please visit www.citycon.com

Media Contacts:

Marcel Kokkeel
CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com

Eero Sihvonen
Executive Vice President and CFO
Tel. +358 20 766 4459 or +358 40 557 9137
eero.sihvonen@citycon.com

Source: Citycon Oyj

Citycon to publish Interim Report for 1 January – 30 September 2016 on Thursday, 20 October

Helsinki, 2016-Oct-14 — /EPR Retail News/ — Citycon will publish its Interim Report for 1 January – 30 September 2016 on Thursday, 20 October approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocasting can be participated by calling in and followed live on the following website: http://cloud.magneetto.com/citycon/2016_1020_q3/view

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocasting will be recorded and it will be available afterwards on Citycon’s website.

For further information, please contact:
Henrica Ginström
Vice President, Investor Relations and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Source: Citycon

Citycon CEO KOKKEEL on 1H2016: stable financial results driven by the good performance in Sweden and Norway

HELSINKI, FINLAND, 2016-Jul-17 — /EPR Retail News/ —

APRIL-JUNE 2016
– Gross rental income increased to EUR 62.2 million (Q2/2015: 46.6) mainly due to the acquisition of Norwegian shopping centre company Sektor Gruppen AS (Sektor) in July 2015. Gross rental income of Citycon’s Norwegian operations amounted to EUR 20.9 million. The acquisition also increased net rental income by EUR 18.1 million.
– EPRA Earnings increased by EUR 8.4 million, or 27.9%, to EUR 38.7 million especially due to the acquisition of the Norwegian operations. EPRA Earnings per share (basic) was EUR 0.043 (EUR 0.047).
– Earnings per share was EUR 0.04 (EUR 0.06). The decrease resulted mainly from higher net financing expenses, deferred taxes and higher number of shares.
– The company specifies its guidance relating to EPRA Operating profit, EPRA Earnings and EPRA Earnings per share.

JANUARY-JUNE 2016
– Gross rental income increased to EUR 125.4 million (Q1-Q2/2015: 92.6) mainly due to the acquisition of Sektor. Gross rental income of Citycon’s Norwegian operations amounted to EUR 41.6 million. The acquisition also increased net rental income by EUR 36.4 million.
– EPRA Earnings increased by EUR 17.2 million, or 29.9%, to EUR 74.6 million especially due to the Norwegian acquisition. EPRA Earnings per share (basic) decreased slightly to EUR 0.084 (0.090) due to the substantially higher number of shares.
– Earnings per share (basic) increased to EUR 0.11 (0.10). The increase was mainly a result of higher fair value gains.

KEY FIGURES

Q2/2016 Q2/2015 %2) Q1–Q2/2016 Q1–Q2/2015 %2) 2015
Net rental income MEUR 57.0 42.6 33.9 112.2 82.3 36.3 199.6
Direct Operating profit3) MEUR 50.5 37.6 34.3 98.4 72.5 35.8 175.4
Earnings per share (basic)1) EUR 0.04 0.06 -24.1 0.11 0.10 9.0 0.14
Fair value of investment properties MEUR 4,110.0 2,819.6 45.8 4,110.0 2,819.6 45.8 4,091.6
Loan to Value (LTV)3) % 45.4 41.5 9.5 45.4 41.5 9.5 45.7
EPRA based key figures3)
EPRA Earnings MEUR 38.7 30.2 27.9 74.6 57.5 29.9 130.8
EPRA Earnings per share (basic)1) EUR 0.043 0.047 -8.5 0.084 0.090 -7.0 0.173
EPRA NAV per share EUR 2.80 2.99 -6.3 2.80 2.99 -6.3 2.74

1) Calculated with the issue-adjusted number of shares resulting from the rights issue completed in July 2015.
2) Change from previous year. Change-% is calculated from exact figures.
3) New ESMA (European Securities and Markets Authority) guidelines on alternative performance measures are effective for the financial year 2016. Citycon presents alternative performance measures, such as EPRA performance measures and loan to value, to reflect the underlying business performance and to enhance comparability between financial periods. Alternative performance measures presented in this report should not be considered as a substitute for measures of performance in accordance with the IFRS.

CEO, MARCEL KOKKEEL:
The first half of 2016 showed stable financial results driven by the good performance in Sweden and Norway. Despite the weaker economic environment in Finland we still see good tenant demand for high quality properties. Our like-for-like net rental income including Norway and Kista Galleria was 0.9%.

The solid demand for prime properties is reflected in our leasing success in Iso Omena where we signed an agreement with Zara, the first and only one in the western Helsinki area. We have been successful in attracting appealing fashion, design and restaurant brands to Iso Omena that, so far, have exclusively been featured in central Helsinki. The first phase of Iso Omena, to be opened in mid-August, is now 95% pre-let.

The integration of the Norwegian operations has proceeded well and is completed. We have been able to achieve much better results than initially targeted. During the quarter, we completed a cost savings programme of EUR 5 million through further reorganization measures and synergies. The savings, to be achieved in 2017, are in addition to the already materialized administrative cost savings in Norway of approximately EUR 1.5 million.

We successfully continued the recycling of capital in line with our strategy to focus on urban, grocery-anchored shopping centres. During 2016, we have divested a shopping centre in Tallinn and a portfolio of five assets in Finland for a total value of EUR 100 million, both above their IFRS fair value. Citycon aims to divest an additional EUR 200-250 million of non-core assets, mainly in Finland, within the coming 1-2 years.

BUSINESS ENVIRONMENT
The macroeconomic environment in Citycon’s operating countries remained unchanged during the second quarter of 2016. The countries are still on diverging macroeconomic courses: the business environment in Norway, Sweden, Estonia and Denmark remains strong or relatively strong, while the Finnish economy is showing weaker growth.

In 2016, the European Commission forecasts Euro area GDP growth to reach 1.6%. Sweden and Estonia are showing stronger growth figures than the Euro area average while Norway and Denmark are predicted to grow slightly below the Euro area forecast. The GDP growth for Finland is still expected to remain modest, although the trend is positive also in Finland. Finland’s GDP growth is dependent on domestic demand, structural reforms and recovery of the country’s stagnating export markets.

BUSINESS ENVIRONMENT KEY FIGURES

% Finland Norway Sweden Estonia Denmark Euro
area
GDP growth forecast for 2016 0.7 1.2 3.4 1.9 1.2 1.6
Unemployment, May 2016 9.0 4.6 7.2 6.4 6.1 10.1
Retail sales growth, Jan–May 2016 0.4 3.0 4.5 6.0 -1.0 1.6

Sources: European Commission, Eurostat, Statistics Finland/ Norway/Sweden/ Estonia/ Denmark

The unemployment rates in all Citycon’s operating countries remain below the Euro area average (10.1%). During the first half of 2016 consumer confidence levels have stayed stable in Citycon’s operating countries, however, with a positive trend in Finland. The consumer confidence levels in Finland, Sweden and Denmark remain positive, while the consumer confidence in Norway, Estonia and on average in Euro area is still slightly negative. (Source: Eurostat) Consumer prices have remained relatively unchanged compared to the previous year in all Citycon’s operating countries apart from Norway where  prices have increased. (Source: Statistics Finland/Norway/Sweden/Estonia/Denmark)

Retail sales growth for the first five months of 2016 has been strong in Estonia, Sweden and Norway, mildly positive in Finland, but negative in Denmark. (Source: Statistics Finland/Norway/Sweden/Estonia/Denmark)

In Finland and in Norway prime rents are forecasted to remain unchanged in 2016. In Sweden, prime shopping centre rents are forecasted to increase during the year while in Estonia downwards pressure on rents has increased due to intensifying competition. (Source: JLL)

In Finland the demand for prime properties is strong and the demand for secondary properties has increased. In Norway the investment market is expected to remain active and yields to remain stable in the short-term. In Sweden the investors’ risk-taking has changed to more opportunistic direction and besides prime shopping centres, also yields for secondary shopping centres have decreased. Prime yields are also expected to continue decreasing in Estonia. (Source: JLL)

RISKS
The company’s core risks and uncertainties, along with its main risk management actions and principles, are described in detail in the Annual and Sustainability Report 2015 and in the Financial Statements 2015.

Citycon’s Board of Directors believes there have been no material changes to the key risk areas outlined in the Annual and Sustainability Report 2015. The main risks are associated with property values, leasing, development projects, operations, environment and people and the availability and cost of financing.

DIVIDEND AND EQUITY REPAYMENT
Citycon’s dividend paid in 2016 for the financial year 2015 and equity repayment in 2016:

Dividends and equity repayments paid on 30 June 2016
Dividend
   (record date 18 March 2016, payment date 29 March 2016) 1 EUR / share 0.01
Equity repayment
   (record date 18 March 2016, payment date 29 March 2016) 1 EUR / share 0.0275
Equity repayment Q2
   (record date 22 June 2016, payment date 30 June 2016) 2 EUR / share 0.0375
Board’s authorization remaining for equity repayments 3
Equity repayments Q3 and Q4 in total maximum EUR / share 0.0750
   – equity repayment Q3 (possible payment date 30 September 2016)
   – equity repayment Q4 (possible payment date 30 December 2016)

1) AGM 2016 decision.
2) AGM 2016 authorized the Board to decide on the distribution of assets from the invested unrestricted equity fund. The amount to be distributed based on the authorization shall not exceed EUR 0.1125 per share.
3) Unless the Board of Directors decides otherwise for a justified reason, the authorization granted by AGM 2016 can be used to distribute equity repayment three times. Following equity repayment of 30 June 2016 the payment dates of the possible further equity repayments in 2016 will be on 30 September 2016 and 30 December 2016. The equity repayment will be paid to a shareholder registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for the equity repayment. The Board of Directors will decide on the record date in connection with each equity repayment decision. Citycon shall make separate announcements of such Board resolutions.

OUTLOOK
The company specifies its outlook. Citycon forecasts the 2016 Direct Operating profit to change by EUR 17 to 26 million (previously 16–30) and EPRA Earnings to change by EUR 11 to 20 million (previously 9–23) from previous year. Additionally, the company expects EPRA EPS (basic) to be EUR 0.1575–0.1725 (previously 0.155–0.175).

The specified outlook acknowledges the impact of the completed non-core portfolio divestment in Finland as well as the weaker Norwegian krone and the impact of the metro delay in Iso Omena. These estimates are also based on the existing property portfolio as well as on the prevailing level of inflation, the EUR-SEK and EUR-NOK exchange rates, and current interest rates. Premises taken offline for planned or ongoing (re)development projects reduce net rental income during the year.

FINANCIAL CALENDAR
Interim report Jan–Sept 2016     20 October around 9 a.m.

Citycon is an owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total EUR 4.7 billion and with market capitalisation of close to EUR 2 billion. Citycon is the No. 1 shopping centre owner in Finland and Estonia and among the market leaders in Norway and Sweden. Citycon has also established a foothold in Denmark.

Citycon has investment-grade credit ratings from Moody’s (Baa1) and Standard & Poor’s (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.

For further information, please contact:
Eero Sihvonen
Executive VP and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com

Henrica Ginström
VP, IR and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

###

Citycon CEO KOKKEEL on 1H2016: stable financial results driven by the good performance in Sweden and Norway
Citycon CEO KOKKEEL on 1H2016: stable financial results driven by the good performance in Sweden and Norway

 

Source: Citycon

Citycon CEO KOKKEEL on 1H2016: stable financial results driven by the good performance in Sweden and Norway

HELSINKI, FINLAND, 2016-Jul-16 — /EPR Retail News/ —

 

APRIL-JUNE 2016
– Gross rental income increased to EUR 62.2 million (Q2/2015: 46.6) mainly due to the acquisition of Norwegian shopping centre company Sektor Gruppen AS (Sektor) in July 2015. Gross rental income of Citycon’s Norwegian operations amounted to EUR 20.9 million. The acquisition also increased net rental income by EUR 18.1 million.
– EPRA Earnings increased by EUR 8.4 million, or 27.9%, to EUR 38.7 million especially due to the acquisition of the Norwegian operations. EPRA Earnings per share (basic) was EUR 0.043 (EUR 0.047).
– Earnings per share was EUR 0.04 (EUR 0.06). The decrease resulted mainly from higher net financing expenses, deferred taxes and higher number of shares.
– The company specifies its guidance relating to EPRA Operating profit, EPRA Earnings and EPRA Earnings per share.

JANUARY-JUNE 2016
– Gross rental income increased to EUR 125.4 million (Q1-Q2/2015: 92.6) mainly due to the acquisition of Sektor. Gross rental income of Citycon’s Norwegian operations amounted to EUR 41.6 million. The acquisition also increased net rental income by EUR 36.4 million.
– EPRA Earnings increased by EUR 17.2 million, or 29.9%, to EUR 74.6 million especially due to the Norwegian acquisition. EPRA Earnings per share (basic) decreased slightly to EUR 0.084 (0.090) due to the substantially higher number of shares.
– Earnings per share (basic) increased to EUR 0.11 (0.10). The increase was mainly a result of higher fair value gains.

KEY FIGURES

Q2/
2016
Q2/
2015
%2)  Q1–Q2/
2016
Q1–Q2/
2015
%2)  2015
Net rental income MEUR 57.0 42.6 33.9 112.2 82.3 36.3 199.6
Direct Operating profit3) MEUR 50.5 37.6 34.3 98.4 72.5 35.8 175.4
Earnings per share (basic)1) EUR 0.04 0.06 -24.1 0.11 0.10 9.0 0.14
Fair value of investment properties MEUR 4,110.0 2,819.6 45.8 4,110.0 2,819.6 45.8 4,091.6
Loan to Value (LTV)3) % 45.4 41.5 9.5 45.4 41.5 9.5 45.7
EPRA based key figures3)
EPRA Earnings MEUR 38.7 30.2 27.9 74.6 57.5 29.9 130.8
EPRA Earnings per share (basic)1) EUR 0.043 0.047 -8.5 0.084 0.090 -7.0 0.173
EPRA NAV per share EUR 2.80 2.99 -6.3 2.80 2.99 -6.3 2.74

1) Calculated with the issue-adjusted number of shares resulting from the rights issue completed in July 2015.
2) Change from previous year. Change-% is calculated from exact figures.
3) New ESMA (European Securities and Markets Authority) guidelines on alternative performance measures are effective for the financial year 2016. Citycon presents alternative performance measures, such as EPRA performance measures and loan to value, to reflect the underlying business performance and to enhance comparability between financial periods. Alternative performance measures presented in this report should not be considered as a substitute for measures of performance in accordance with the IFRS.

CEO, MARCEL KOKKEEL:
The first half of 2016 showed stable financial results driven by the good performance in Sweden and Norway. Despite the weaker economic environment in Finland we still see good tenant demand for high quality properties. Our like-for-like net rental income including Norway and Kista Galleria was 0.9%.

The solid demand for prime properties is reflected in our leasing success in Iso Omena where we signed an agreement with Zara, the first and only one in the western Helsinki area. We have been successful in attracting appealing fashion, design and restaurant brands to Iso Omena that, so far, have exclusively been featured in central Helsinki. The first phase of Iso Omena, to be opened in mid-August, is now 95% pre-let.

The integration of the Norwegian operations has proceeded well and is completed. We have been able to achieve much better results than initially targeted. During the quarter, we completed a cost savings programme of EUR 5 million through further reorganisation measures and synergies. The savings, to be achieved in 2017, are in addition to the already materialised administrative cost savings in Norway of approximately EUR 1.5 million.

We successfully continued the recycling of capital in line with our strategy to focus on urban, grocery-anchored shopping centres. During 2016, we have divested a shopping centre in Tallinn and a portfolio of five assets in Finland for a total value of EUR 100 million, both above their IFRS fair value. Citycon aims to divest an additional EUR 200-250 million of non-core assets, mainly in Finland, within the coming 1-2 years.

BUSINESS ENVIRONMENT
The macroeconomic environment in Citycon’s operating countries remained unchanged during the second quarter of 2016. The countries are still on diverging macroeconomic courses: the business environment in Norway, Sweden, Estonia and Denmark remains strong or relatively strong, while the Finnish economy is showing weaker growth.

In 2016, the European Commission forecasts Euro area GDP growth to reach 1.6%. Sweden and Estonia are showing stronger growth figures than the Euro area average while Norway and Denmark are predicted to grow slightly below the Euro area forecast. The GDP growth for Finland is still expected to remain modest, although the trend is positive also in Finland. Finland’s GDP growth is dependent on domestic demand, structural reforms and recovery of the country’s stagnating export markets.

BUSINESS ENVIRONMENT KEY FIGURES

% Finland Norway Sweden Estonia Denmark Euro
area
GDP growth forecast for 2016 0.7 1.2 3.4 1.9 1.2 1.6
Unemployment, May 2016 9.0 4.6 7.2 6.4 6.1 10.1
Retail sales growth, Jan–May 2016 0.4 3.0 4.5 6.0 -1.0 1.6

Sources: European Commission, Eurostat, Statistics Finland/ Norway/Sweden/ Estonia/ Denmark

The unemployment rates in all Citycon’s operating countries remain below the Euro area average (10.1%). During the first half of 2016 consumer confidence levels have stayed stable in Citycon’s operating countries, however, with a positive trend in Finland. The consumer confidence levels in Finland, Sweden and Denmark remain positive, while the consumer confidence in Norway, Estonia and on average in Euro area is still slightly negative. (Source: Eurostat) Consumer prices have remained relatively unchanged compared to the previous year in all Citycon’s operating countries apart from Norway where  prices have increased. (Source: Statistics Finland/Norway/Sweden/Estonia/Denmark)

Retail sales growth for the first five months of 2016 has been strong in Estonia, Sweden and Norway, mildly positive in Finland, but negative in Denmark. (Source: Statistics Finland/Norway/Sweden/Estonia/Denmark)

In Finland and in Norway prime rents are forecasted to remain unchanged in 2016. In Sweden, prime shopping centre rents are forecasted to increase during the year while in Estonia downwards pressure on rents has increased due to intensifying competition. (Source: JLL)

In Finland the demand for prime properties is strong and the demand for secondary properties has increased. In Norway the investment market is expected to remain active and yields to remain stable in the short-term. In Sweden the investors’ risk-taking has changed to more opportunistic direction and besides prime shopping centres, also yields for secondary shopping centres have decreased. Prime yields are also expected to continue decreasing in Estonia. (Source: JLL)

RISKS
The company’s core risks and uncertainties, along with its main risk management actions and principles, are described in detail in the Annual and Sustainability Report 2015 and in the Financial Statements 2015.

Citycon’s Board of Directors believes there have been no material changes to the key risk areas outlined in the Annual and Sustainability Report 2015. The main risks are associated with property values, leasing, development projects, operations, environment and people and the availability and cost of financing.

DIVIDEND AND EQUITY REPAYMENT
Citycon’s dividend paid in 2016 for the financial year 2015 and equity repayment in 2016:

Dividends and equity repayments paid on 30 June 2016
Dividend
   (record date 18 March 2016, payment date 29 March 2016) 1 EUR / share 0.01
Equity repayment
   (record date 18 March 2016, payment date 29 March 2016) 1 EUR / share 0.0275
Equity repayment Q2
   (record date 22 June 2016, payment date 30 June 2016) 2 EUR / share 0.0375
Board’s authorisation remaining for equity repayments 3
Equity repayments Q3 and Q4 in total maximum EUR / share 0.0750
   – equity repayment Q3 (possible payment date 30 September 2016)
   – equity repayment Q4 (possible payment date 30 December 2016)

1) AGM 2016 decision.
2) AGM 2016 authorised the Board to decide on the distribution of assets from the invested unrestricted equity fund. The amount to be distributed based on the authorisation shall not exceed EUR 0.1125 per share.
3) Unless the Board of Directors decides otherwise for a justified reason, the authorisation granted by AGM 2016 can be used to distribute equity repayment three times. Following equity repayment of 30 June 2016 the payment dates of the possible further equity repayments in 2016 will be on 30 September 2016 and 30 December 2016. The equity repayment will be paid to a shareholder registered in the company’s shareholders’ register maintained by Euroclear Finland Ltd on the record date for the equity repayment. The Board of Directors will decide on the record date in connection with each equity repayment decision. Citycon shall make separate announcements of such Board resolutions.
OUTLOOK
The company specifies its outlook. Citycon forecasts the 2016 Direct Operating profit to change by EUR 17 to 26 million (previously 16–30) and EPRA Earnings to change by EUR 11 to 20 million (previously 9–23) from previous year. Additionally, the company expects EPRA EPS (basic) to be EUR 0.1575–0.1725 (previously 0.155–0.175).

The specified outlook acknowledges the impact of the completed non-core portfolio divestment in Finland as well as the weaker Norwegian krone and the impact of the metro delay in Iso Omena. These estimates are also based on the existing property portfolio as well as on the prevailing level of inflation, the EUR-SEK and EUR-NOK exchange rates, and current interest rates. Premises taken offline for planned or ongoing (re)development projects reduce net rental income during the year.

FINANCIAL CALENDAR
Interim report Jan–Sept 2016     20 October around 9 a.m.

Helsinki, 13 July 2016
Citycon Oyj
Board of Directors

For further information, please contact:
Eero Sihvonen, Executive VP and CFO
Tel. +358 50 557 9137
eero.sihvonen@citycon.com

Henrica Ginström, VP, IR and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Citycon is an owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total EUR 4.7 billion and with market capitalisation of close to EUR 2 billion. Citycon is the No. 1 shopping centre owner in Finland and Estonia and among the market leaders in Norway and Sweden. Citycon has also established a foothold in Denmark.

Citycon has investment-grade credit ratings from Moody’s (Baa1) and Standard & Poor’s (BBB). Citycon Oyj’s share is listed in Nasdaq Helsinki.

www.citycon.com

SOURCE: Citycon

Citycon to release its Interim Report for 1 January – 30 June 2016 on Thursday, 14 July

Helsinki, 2016-Jul-07 — /EPR Retail News/ — Citycon will publish its Interim Report for 1 January – 30 June 2016 on Thursday, 14 July approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audio casting can be participated by calling in and followed live on the following website: http://cloud.magneetto.com/citycon/2016_0714_q2/view

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audio casting will be recorded and it will be available afterwards on Citycon’s website.

For further information, please contact:
Henrica Ginström
Vice President, Investor Relations and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Source: Citycon

Iso Omena shopping centre awarded a LEED® Platinum certificate for its extension that will open in August

HELSINKI, FINLAND, 2016-Jun-10 — /EPR Retail News/ — The Iso Omena shopping centre has been awarded a LEED® Platinum certificate for its extension that will open to the public in August. Platinum is the highest rating level within the environmental certification system. It is awarded to properties with superior energy, material and water efficiency and high indoor air quality.

Iso Omena is located at a prime spot in a densely built urban area in Matinkylä, Espoo in the Helsinki Metropolitan Area. It is served by excellent connections – there is a metro station and a bus terminal for feeder traffic located under the shopping centre. This makes Iso Omena easily accessible via public transport.

The property’s energy efficiency is excellent, thanks to for example LED lights and demand-controlled ventilation. Iso Omena is furnished with water-efficient equipment andlow-emitting surface materials. Local products featured heavily in the selection of building materials, and the recycling rate of construction waste came to about 90 per cent. Furthermore, the shopping centre offers comprehensive recycling facilities for household waste with reception points for many waste fractions. Iso Omena will also have one of the largest green roofs in Finland, covering a total area of approximately 700 sqm.

“We took the requirements of the LEED® Platinum certificate into account from early on, starting at the project’s design phase. Environmental efficiency is an important starting point for all Citycon’s property development projects”, says Risto Seppo, Property Development Director at Citycon.

Iso Omena is among the first European shopping centres to receive a LEED® Platinum certificate. Before this, a platinum-level certificate has been awarded to two shopping centres in Finland and two in other Nordic countries. One of these is Liljeholmstorget Galleria in Stockholm, also owned by Citycon. There are no LEED® Platinum-certified shopping centres in other European countries yet.

The international LEED certification system (Leadership in Energy and Environmental Design) assesses spaces, buildings and construction projects for their environmental qualities. The certificates are awarded and monitored by the independent Green Building Business Certification Institute.

Additional information:
Risto Seppo, Property Development Director
Telephone +358 45 657 8990
risto.seppo@citycon.com

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

 

###

Iso Omena shopping centre awarded a LEED® Platinum certificate for its extension that will open in August

Iso Omena shopping centre awarded a LEED® Platinum certificate for its extension that will open in August

Citycon’s CIO Nils Styf to leave the company

HELSINKI, FINLAND, 2016-Jun-03 — /EPR Retail News/ — Nils Styf, Citycon’s Chief Investment Officer and member of Corporate Management Committee, has decided to leave the company. Mr. Styf joined Citycon and the Corporate Management Committee in 2012. He will continue in his current position until the end of summer. The process of appointing his successor has commenced and the nomination will be announced later on.

“I want to warmly thank Nils Styf for his significant contribution to the turnaround of Citycon’s asset portfolio over the last four years and wish him best success”, says Marcel Kokkeel, CEO of Citycon.

 

For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com

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 EUR 4.7 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

MEDIA CONTACT

Henrica Ginström
Vice President, IR and Communications

+358 50 554 4296
henrica.ginstrom (at) citycon.com

Citycon will publish its Q1 2016 Interim Report on Thursday, 28 April

HELSINKI, 2016-Apr-26 — /EPR Retail News/ — Citycon will publish its Interim Report for 1 January – 31 March 2016 on Thursday, 28 April approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocasting can be participated by calling in and followed live on the following website: http://cloud.magneetto.com/citycon/2016_0428_q1/view

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocasting will be recorded and it will be available afterwards on Citycon’s website.

CITYCON OYJ

For further information, please contact:
Henrica Ginström
Vice President, Investor Relations and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Moody’s Investors Service upgrades Citycon’s credit rating to Baa1

Helsinki, 2016-Jan-16 — /EPR Retail News/ — Moody’s Investors Service has upgraded Citycon’s investment grade level long-term corporate credit rating to Baa1. The outlook is stable. The previous rating was Baa2 with a stable outlook.

The rating was upgraded mainly due to Citycon’s improved business profile following the acquisition and integration of Norwegian Sektor Gruppen that increased the scale, improved the geographical diversification and reduced the tenant concentration risk of the company.

Moody’s press release is attached to this release.

SOURCE: CITYCON OYJ

For further information, please contact:
Eero Sihvonen, Executive Vice President and CFO
Tel. +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.com

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 close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

For further information, please contact:
Eero Sihvonen, Executive Vice President and CFO
Tel. +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.comCitycon 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 close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

Citycon appoints Marianne M. Håkonsen VP Marketing and Branding and member of the Corporate Management Committee

HELSINKI, FINLAND, 2015-12-18 — /EPR Retail News/ — Marianne M. Håkonsen has been appointed Citycon Oyj’s Vice President, Marketing and Branding and member of the Corporate Management Committee. Marianne M. Håkonsen (b. 1967) is a Norwegian citizen and has a Master of Science degree in Communications from the University of Montpellier. She will take her position immediately.

Ms Håkonsen will be responsible for leading the marketing and branding activities in all Citycon countries and furthermore she will be responsible for the development of Citycon’s digital strategy and international leasing.

Ms Håkonsen has served as the Marketing Director of Citycon Norway AS and has over twenty years of experience in the shopping centre industry.

SOURCE: CITYCON OYJ

For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com

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 close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

 

Citycon’s Board of Directors to propose moving towards quarterly dividend payments

Helsinki, Finland, 2015-11-03 — /EPR Retail News/ — Following the global trend towards quarterly dividend payments, Citycon’s Board of Directors has decided that it will propose to the company’s Annual General Meeting 2016 that Citycon will move to quarterly distribution policy starting in 2016.

Citycon’s Board of Directors has also restated Citycon’s current dividend distribution policy to pay out more than 50% of the result for the period excluding fair value changes on property. However, it is targeted that the distribution proposal to the Annual General Meeting 2016 for the financial year 1.1.-31.12.2015 would also include an equity repayment and would be at the level of EUR 0.15 per share, payable in quarterly instalments, provided the company’s financial standing is permitting such distribution.

For further information, please contact:
Eero Sihvonen
CFO, Executive Vice President
Tel. +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.com

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 close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

SOURCE: CITYCON OYJ

Citycon CEO KOKKEEL on Q3-2015: Sektor acquisition one of the most important events in Citycon’s history

Helsinki, Finland, 2015-11-03 — /EPR Retail News/ —

THIRD QUARTER OF 2015
– Turnover increased to EUR 86.0 million (Q3/2014: EUR 61.4 million) mainly due to the acquisition of Norwegian shopping centre company Sektor Gruppen AS (Sektor). Turnover of Sektor amounted to EUR 27.7 million. This also increased net rental income which came to EUR 59.7 million (EUR 44.2 million).
– EPRA Earnings increased by EUR 9.4 million, or 31.7%, to EUR 38.9 million mainly due to Sektor acquisition. The impact of Sektor acquisition to EPRA Operating profit was EUR 16.4 million. EPRA Earnings per share (basic) decreased slightly to EUR 0.046 (EUR 0.047) due to the increased number of shares, which resulted from the rights issue completed in July 2015.
– Earnings per share was EUR 0.03 (EUR 0.04). The decrease was mainly a result of non-recurring transaction costs related to the Sektor acquisition (EUR 6.0 million), increased number of shares and higher losses on sale.

JANUARY–SEPTEMBER 2015
-Turnover increased to EUR 206.2 million (Q1–Q3/2014: EUR 184.5 million) mainly due to the Sektor acquisition. Divestments decreased turnover by EUR 4.6 million.
– Net rental income increased by EUR 14.2 million, or 11.1%, to EUR 142.1 million (EUR 127.8 million) mainly due to the reasons explained above. Net rental income of like-for-like properties increased by EUR 0.5 million, or 0.6%, excluding currency changes.
– EPRA Earnings increased by EUR 20.9 million, or 27.7% mainly as a result of the Sektor acquisition. In addition, lower direct financing expenses of EUR 7.2 million increased EPRA Earnings. EPRA Earnings per share (basic) was EUR 0.136 (EUR 0.141).
– Earnings per share was EUR 0.12 (EUR 0.11).
– Net cash from operating activities per share increased to EUR 0.14 (EUR 0.11) mainly due to Sektor acquisition and lower paid interest costs.

CEO, MARCEL KOKKEEL:
The most important event during this quarter and one of the most important events also in Citycon’s history was the completion of the acquisition of Sektor in July. The results for Citycon’s Norwegian operations, included in the company’s financials for the first time, were in line with our expectations. The property fair values were reconfirmed by our valuator to be in line with the price we paid for the acquisition of Sektor.

Overall Citycon’s operating performance during the first three quarters has been stable, with like-for-like net rental income growing by 0.6% and occupancy increasing to 96.7%. The operating results in Sweden have been especially strong, while the economic and retail environment in Finland has continued to be weak. In Estonia, the competition in the shopping centre sector has increased lately.

During the quarter, we secured the refinancing of the Sektor acquisition through three successful bond placements, one denominated in EUR and two in NOK. Hence, our financial position is built on a strong basis and we remain committed to an LTV target of 40-45% going forward.

Immediately after the closing of the Sektor transaction, we started an intensive process to integrate the operations to Citycon. Thanks to an efficient process, we have been able to reach key milestones at a fast pace, including the implementation of a “One Citycon” organisation model with key appointments and rebranding Sektor as Citycon. We are ready for the next steps in aligning business processes and systems and thereby reaching additional efficiencies.

The further quality upgrade of the portfolio remains one of the top priorities for management. We successfully continued the disposal of our non-core assets with a sale of a portfolio of 13 supermarket and shop properties in Finland. Including the two properties sold in October, we have divested 42 properties for a total value of more than 250 million since the strategy update in July 2011. We currently aim to dispose of an additional EUR 100-150 million within the next 1.5 years.

We also continued to strengthen our portfolio through our active (re)development strategy. The (re)developed and extended IsoKristiina had a successful grand opening in Lappeenranta and we started the construction of Mölndal Galleria in Gothenburg. We also made good progress in the leasing of Iso Omena, reaching a pre-leasing ratio of 65% for the first phase to be opened in Q3/2016.

ACQUISITION OF SEKTOR GRUPPEN – CITYCON BECAME THE LARGEST LISTED SHOPPING CENTRE SPECIALIST IN THE NORDICS
On 14 July 2015 Citycon acquired all the shares in the Norwegian shopping centre company Sektor Gruppen AS (Sektor). The debt-free acquisition price amounted to approximately EUR 1.47 billion and the cash purchase price to approximately EUR 540 million. Sektor is consolidated in Citycon’s financial numbers as of 1 July.

Sektor, rebranded as Citycon on 15 October, is the second largest owner, manager and developer of shopping centres in Norway. The portfolio comprises a total of 34 shopping centres of which 20 are fully or majority-owned, 4 minority-owned, 2 rented and 8 managed.

The acquisition consolidates Citycon as the largest listed shopping centre specialist in the Nordics by gross asset value (GAV) and the third largest listed continental European operator. With the acquisition, Citycon gained exposure throughout the entire Nordic region, while increasing its GAV from EUR 3.4 billion to EUR 4.7 billion.

The fair value of Citycon’s Norwegian properties amounted to EUR 1.33 billion at the end of Q3. The acquisition price of EUR 1.47 billion (NOK 12.3 billion) included some customary adjustments and was based on an exchange rate of 8.4. At the end of Q3 the exchange rate was 9.5. Lower fair value in EUR at the end of Q3 is due to the lower NOK exchange rate. The acquisition generated a goodwill of EUR 182.8 million (with the Q3 exchange rates), which consists of two parts, one that arose mainly from the deferred tax liabilities and the other which was due to the FX-change from the fixed NOK/EUR-rate.  Information on the goodwill generated by the acquisition can be found in the notes on page 30.

The financing of the transaction included a rights issue of approximately EUR 600 million, NOK bonds of approximately NOK 2.65 billion and a Eurobond of approximately EUR 300 million. Further information on the financing can be found in section ‘Financing update’.

BUSINESS ENVIRONMENT
The economic outlook in Citycon’s operating countries remained relatively unchanged during the third quarter of 2015. The macroeconomic environment in Norway, Sweden, Estonia and Denmark remained strong or relatively strong, while market conditions continued to be challenging in Finland.

In 2015, the European Commission forecasts Euro area GDP growth to reach 1.5%, with Norway forecasted to match that level (1.5%) despite the impact of the fall in oil price. Sweden (2.5%), Estonia (2.3%) and Denmark (1.8%) are showing stronger growth figures than the Euro area average while the GDP growth for Finland (0.3%) is expected to remain modest for a fourth year in a row and is dependent on both the recovery of the country’s export markets as well as domestic demand.

During the reporting period, consumer confidence levels have stayed stable in Citycon’s operating countries. The consumer confidence levels in Finland, Sweden and Denmark remain positive, while the consumer confidence in Norway, Estonia and on average in Euro area is still slightly negative. Consumer prices have remained nearly unchanged compared to the previous year in all Citycon’s operating countries apart from Norway where the prices have increased (2.1%). (Sources: Statistics Finland/Norway/Sweden/Estonia/Denmark) The unemployment rates are below the Euro area average (11.0%) in all Citycon’s operating countries. (Source: Eurostat)

Retail sales growth for the first eight months of 2015 has been particularly strong in Estonia (8.0%) and positive in Norway (3.2%), Sweden (3.1%) and Denmark (1.2%), but negative in Finland (-1.1%). (Sources: Statistics Finland/Norway/Sweden/Estonia/Denmark)

Prime shopping centre rents in Finland decreased by around 2% compared to the previous quarter and by around 3% year-on-year. The weak outlook for retail sales limits the rental growth potential and prime rental forecast in 2015 assumes a slight decrease in rents to continue. In Sweden, year-on-year prime shopping centre rents increased by around 2-3% over the last year with a similar rate of growth forecast for the forthcoming year. In Estonia, downward pressure on rents has increased due to intensifying competition. However, prime shopping centre rental growth is expected to remain flat in 2015. (Source: JLL)

In Finland, despite the sluggish development of real economy, the activity in investment market has continued and the investment volume for the first three quarters of 2015 has even surpassed the total for year 2014. The demand for core assets is strong and an increase in investment demand outside prime properties has also been evident, driven mainly by new funds and the return of international investors. Due to strong investment demand, shopping centre prime yields are expected to see a small compression during the last part of the year. In Sweden, the activity in investment market has continued strong and during the first three quarters of 2015 the investment volume was around SEK 17 billion. Prime shopping centre yields have moved in during the last 9 months given strong demand and low supply as well as continued low interest rates. Also yields for secondary shopping centres have somewhat decreased. In addition, investors are seen to be willing to pay a premium for portfolios of assets, compared to individual assets. In Estonia, prime yields are forecasted to continue to decrease driven by low interest rate expectations. (Source: JLL)

EVENTS AFTER THE REPORTING PERIOD
The divestment of non-core property in Talvikkitie 7-9 in Tikkurila, Vantaa, was closed on 1 October. The purchase price amounted to approximately EUR 9 million.

The divestment of shopping centre Strömpilen in Umeå was closed on 1 October. The purchase price amounted to approximately EUR 39 million.

OUTLOOK
In 2015 Citycon forecasts the EPRA EPS (basic) to be EUR 0.17–0.18 (Q2/2015: 0.155–0.175). Furthermore, Citycon expects its EPRA Operating profit to change by EUR 23 to 29 million (Q2/2015: 17–32) and its EPRA Earnings to change by EUR 28 to 34 million (Q2/2015: 17–32) from the previous year.

These estimates are based on the existing property portfolio as well as on the prevailing level of inflation, the euro-krona exchange rates, and current interest rates. Premises taken offline for planned or ongoing (re)development projects reduce net rental income during the year. Citycon’s outlook also includes the impact of the Sektor acquisition and the rights issue executed in July.

Citycon Oyj
Board of Directors

For further information please contact:
Marcel Kokkeel
CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com

Eero Sihvonen
CFO, Executive Vice President
Tel. +358 20 766 4459 or +358 50 557 9137
eero.sihvonen@citycon.com

Citycon is an owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic region, managing assets that total close to EUR 5 billion and with market capitalisation of approximately EUR 2 billion. Citycon is the No. 1 shopping centre owner in Finland and Estonia and among the market leaders in Norway and Sweden. Citycon has also established a foothold in Denmark.

Citycon has investment-grade credit ratings from Standard & Poor’s (BBB) and Moody’s (Baa2). Citycon Oyj’s share is listed in NASDAQ Helsinki.

Citycon to publish its Interim Report for 1 Jan – 30 Sep 2015 on Wednesday, 28 Oct

Helsinki, Finland, 2015-10-22 — /EPR Retail News/ — Citycon will publish its Interim Report for 1 January – 30 September 2015 on Wednesday, 28 October approximately at 9 am Helsinki time (Helsinki time is EET, which is CET +1). The report will be available on Citycon’s website immediately after publication.

Citycon’s investor, analyst and press conference call and live audiocasting will begin one hour later at 10 am Helsinki time. The audiocasting can be participated by calling in and followed live on the following website: http://wms.magneetto.com/citycon/2015_1028_q3/view

Conference call numbers are:
Participants from Europe +44 203 194 0552
Participants from the US +1 855 716 1597

The audiocasting will be recorded and it will be available afterwards on Citycon’s website.

SOURCE: CITYCON OYJ

For further information, please contact:
Henrica Ginström
Vice President, Investor Relations and Communications
Tel. +358 50 554 4296
henrica.ginstrom@citycon.com

Citycon: Extension of the IsoKristiina shopping centre in Lappeenranta now completed

HELSINKI, FINLAND, 2015-9-30 — /EPR Retail News/ — The major (re)development and extension of the IsoKristiina shopping centre in the heart of Lappeenranta is now completed. The project, which lasted about two and a half years, saw the old section of IsoKristiina completely refurbished, the shopping centre extended, and the adjacent Hotel Lappee connected to the centre. Today, IsoKristiina has 34,000 square metres of leasable area, of which 27,000 square metres are retail premises. The shopping centre offers visitors 80 different shops and services with strong national and international brands.

The first phase of IsoKristiina was opened in May this year. During the summer and today at the grand opening, several openings have been celebrated at the shopping centre: the Finnkino cinema with four screens, the Fitness 24Seven gym, Tokmanni, Marimekko, Luhta Brand Store, Iittala Outlet, Clas Ohlson, children’s clothing stores Polarn O´Pyret, Lasten vaatekaappi and Bambino, the HOB street fashion shop, e-TaxFree, and Bar Marix. TopSport and the Esprit fashion shop will open later in the winter.

A unique feature of IsoKristiina is that the Theatre of Lappeenranta is entirely located within the shopping centre. There will be plays on the small stage from November, and the big stage will hold its premiere in January 2016. The City of Lappeenranta invested in the theatre project, and will own the premises.

The IsoKristiina shopping centre is directly connected to the adjacent Hotel Lappee with 260 rooms via an indoor corridor between the hotel and the shopping centre and theatre.

“The theatre, hotel and shopping centre form a combination that is in the heart of Citycon´s philosophy of building urban crosspoints.  It offers multiple opportunities for theatre travel, meetings and seminars,” Ulla-Maija Kemppi, Citycon’s Commercial Director.

IsoKristiina shopping centre is jointly owned by Citycon and Ilmarinen with equal 50 per cent shares. The investment in the project totaled approximately EUR 110 million.

“We have positioned IsoKristiina as a modern city centre shopping centre. It hosts excellent grocery stores, daily shopping services, a diverse leisure and entertainment offering, and strong specialty shops. In addition, IsoKristiina has an exceptionally wide range of cafés and restaurants; about ten per cent of the shopping centre area is occupied by food & beverage businesses,” Ulla-Maija Kemppi points out.

“It is great to see that our vision of the new IsoKristiina has become reality and the renewed shopping centre is now open for business. In keeping with our responsibility principles, we implemented the project in such a manner that IsoKristiina can apply for a high environmental certification and it is very likely to get it,” says Tomi Aimonen, Head of Real Estate Investments, Ilmarinen Mutual Pension Insurance Company.

For further information, please contact:

Ulla-Maija Kemppi, Commercial Director
Telephone +358 40 824 4630
ulla-maija.kemppi@citycon.com

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

Ilmarinen’s task is to ensure that 900,000 people employed in Finland receive the pension they earned from employment. Backed by 550 experts in the field, we help our client companies to succeed and their employees to enjoy their work and spend their retirement in the best possible state of health. Our share of the market amounts to approximately one third and we have investment assets of some EUR 36.4 billion to cover pension liabilities. We are one of the largest real estate investors in Finland with realty assets of EUR 3.5 billion. For more information, please visit: www.ilmarinen.fi.

SOURCE: CITYCON OYJ

Citycon honoured again with Green Star status in the GRESB, Global Real Estate Sustainability Benchmark

Helsinki, Finland, 2015-9-2 — /EPR Retail News/ — Citycon was honoured again this year with Green Star status in the GRESB, Global Real Estate Sustainability Benchmark. Citycon received this recognition now for the fourth year in a row for its outstanding management and handling of key sustainability issues.

Compared to last year Citycon’s score increased by 15% and Citycon was globally among the top ten percent of all reviewed companies.

‘We find it is useful to be benchmarked against our peers and the recognition received gives further validation for the sustainability efforts performed during the past years. Furthermore we are eager to improve these great results also in the future’ says Johanna Kivelä, Sustainability Analyst at Citycon.

The GRESB Report and Survey Results for 2015 are based on sustainability data gathered from 707 property companies and funds, providing aggregate information on 61,000 properties, around the globe.

 

CITYCON OYJ

For further information, please contact:

Johanna Kivelä, Sustainability Analyst
+358 40 761 1577
Johanna.Kivela@citycon.com
Nils Styf, Chief Investment Officer
Tel. +46 733 50 60 39
nils.styf@citycon.com

 

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 EUR 5 billion and with a market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com.

Citycon: the construction of Mölndal Galleria has now started in Mölndal, Sweden

The groundbreaking for the new Mölndal Galleria and the transformation of Mölndal’s city centre took place yesterday, 27 August in a ceremony held on the construction site. The event was jointly organised by Citycon, NCC, Riksbyggen and MölndalsBostäder, the four companies investing in the renewal of Mölndal city centre.

Helsinki, 2015-8-28— /EPR Retail News/ — “We are pleased that construction of Mölndal Galleria has now started. The interest from tenants has been high and today more than half of the  the retail space is leased including anchors such as H&M, Systembolaget and Lindex as well as a large Ica grocery store. Although the main focus will be on retail, the shopping centre will also become a meeting place for residents and visitors through its offering of services, restaurants and cafés,” says Nils Styf, Chief Investment Officer at Citycon.

Central Mölndal is currently being given a complete makeover. The city centre will feature 400 brand new apartments and refurbished inner city streets and squares. The old shopping centre is being demolished to make way for a new, state-of-the-art shopping centre with over 70 shops, 24,000 square metres of retail space and parking spaces for more than 800 cars.

Mölndal Galleria is being (re)developed in a joint venture between Citycon (50%) and NCC (50%). Citycon will acquire NCC’s share of the shopping centre when the project is completed, and is investing a total of approximately EUR 120 million. The new shopping centre is scheduled to open in 2018. In addition to Mölndal Galleria, NCC is also currently building the new SCA head office next to the shopping centre and 145 apartments for Riksbyggen. In addition, Mölndalsbostäder invests in 200 new apartments in the city centre.

“NCC’s strength is to develop attractive urban environments that combine workplaces, housing, retail and services, thereby leading to a city centre that is both sustainable and attractive. We are now taking the next step towards a more attractive city centre in Mölndal,” says Johanna Hult Rentsch, Regional Manager at NCC Property Development.

“The increase in retail volume that is going to be generated by the new shopping centre will be very positive for Mölndal’s long-term appeal, both for people wanting to settle here and for companies looking to establish an office in Mölndal,” says Marie Östh Karlsson, Mayor of Mölndal Municipality.

Citycon and NCC have chosen to submit the Mölndal Galleria project for BREEAM certification (a global environmental and sustainability standard) and expect to obtain a Very Good rating.

“Mölndal Galleria’s location right in the heart of Mölndal city centre, close to the Mölndalsbro transport hub—which is serviced by trains, buses and trams—will make it easier to travel green. Mölndal Galleria will also feature electronic signboards displaying public transport departures, around twenty charging stations for electric cars, and plenty of bicycle parking,” says Nils Styf.

For further information, please contact:
Nils Styf, Chief Investment Officer
Tel. +46 733 50 60 39
nils.styf@citycon.com

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 a market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

Kista library in Citycon’s shopping centre Kista Galleria awarded the “Public Library of the Year Award 2015”

The library in Citycon’s shopping centre Kista Galleria has been awarded the “Public Library of the Year Award 2015”. Since the library moved to Kista Galleria in August 2014, visits to the library have increased by 300% and book loans have doubled.

Helsinki, FINLAND, 2015-8-19— /EPR Retail News/ — “Partnerships with stakeholders in the local community, and the use of digital services, makes it possible for the library to offer a variety of activities for the library’s visitors. The library is placed exactly where it needs to be, in the middle of a multicultural area, among the people in the Kista Galleria.”

This is what an excerpt from the explanatory statement of the ceremony says. The international award was established by the Danish Agency for Culture and presented in Cape Town at the annual meeting of the International Federation of Library Associations and Institutions, IFLA.

–We are proud and happy that Kista library is the world’s best library. It shows how the library has been enriched by the location in the Kista Galleria where there are a lot of people. The library reaches everyone visiting the shopping centre, as well as those who live nearby or work in the area. Kista Galleria has, in turn, strengthened as a meeting place ever since the library moved in, says Magnus Åkesson, Commercial Director at Citycon.

Kista library has Stockholm’s most generous opening hours and works consciously in order to reach new groups. Among other things, the library offers newspapers from all over the world, a studio for children and several venues with meetings with authors, conversations and podcast recordings.

–Kista library’s effort to be a part of people’s everyday life and work closely with the local community is fully in line with the Citycon’s philosophy of being an active, open and supportive part of the local community. We believe this is a recipe for success, of which many libraries can take after, says Magnus Åkesson.

Citycon has a total of 55 shopping centres in Sweden, Finland, Norway, Denmark and Estonia. 11 shopping centres have libraries, including six in Sweden, two in Finland and three in Norway.

About the prize:
“Public Library of the Year Award in 2015” a part of the project “Model Programme for Public Libraries” which the Danish Agency for Culture and Realdania are in charge of. The purpose of the program is to further develop libraries of the future, where important components are such things as digital development, user needs and local culture.

CITYCON OYJ

For further information, please contact:
Magnus Åkesson, Commercial Director
Tel. +46 70 301 8183
magnus.akesson@citycon.com

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 a market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com

Citycon’s Corporate Management Committee member Eirik Thrygg to leave the company

Eirik Thrygg, member of Citycon’s Corporate Management Committee, is leaving the company.

Helsinki, 2015-8-11— /EPR Retail News/ — Thrygg will remain with Citycon until the end of 2015, but will not assume his new responsibilities as Chief Development Officer, as announced following the acquisition of Norwegian Sektor Gruppen. Thrygg has served as the Chief Executive Officer of Sektor for many years.

Until the end of 2015 Thrygg will focus on supporting Citycon in the integration process of Sektor and ensuring a smooth transition for Citycon’s operations in Norway.

“The company respects Eirik’s decision to leave and to continue his career with another company. As one of the founders of Sektor, he has done an outstanding job of bringing this company to the position it enjoys today. We want to thank Eirik for his great contribution in the completion of the acquisition of Sektor. We wish him all the best and success in forthcoming challenges,” says Marcel Kokkeel, Chief Executive Officer at Citycon.

“After 18 years of working in Sektor, I have decided to make a career change and take a new direction. I have committed myself to support the integration process of Sektor into Citycon, before I depart at the end of the year”, says Eirik Thrygg.

CITYCON OYJ

For further information, please contact:
Marcel Kokkeel, CEO
Tel. +358 20 766 4521 or +358 40 154 6760
marcel.kokkeel@citycon.com

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 a market capitalisation of approximately EUR 2 billion. For more information about Citycon, please visit www.citycon.com