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As the previous Porin Asema-aukio retail building at the centre of Pori was technically outdated and had only limited demand in retail use, the decision was made by Citycon to actively develop the property for another purpose.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

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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