SPAR Norway tackles food waste with 50% off on all freshly baked bread one hour before closing time

Norway, 2017-Sep-19 — /EPR Retail News/ — SPAR Norway is aiming to reduce food waste by 270 tons a year. How does it hope to achieve this? By offering a 50 percent discount on all freshly baked bread one hour before closing time.

Before officially launching the bread waste reduction scheme in August, it was first tested in selected SPAR stores, which reported a 16% reduction in bread waste. On an annual basis, this correlates to a saving of 270 tons of bread.

The stores that participated in the trial noticed a boost in foot traffic in the last hour of trading and received positive feedback from customers who expressed their appreciation of the scheme.

The positive results from the test stores were achieved without any advertising or marketing so it is hoped that even better results will be achieved with the official launch in all SPAR stores.

SPAR Norway’s Marketing Director, Martin Munthe-Kaas, said: “It has never been more important to take care of the environment and we must all do our bit to help this cause. Food waste is one of the greatest environmental challenges of our time and a study from 2015 states that in Norway, 355,000 tons of food is wasted each year. This number must be reduced and we hope that our new food waste scheme will go some way to helping this happen.”

To ensure full resource utilisation, any surplus bread unsold will be given to pig farmers to supplement the pigs food. Instore communication material such as posters and shelf markers have been shipped to 259 SPAR and 28 EUROSPAR stores across the country to create awareness of the campaign.

Contact:

SPAR International
Email: info@spar-international.com
Tel: +3120 626 6749

Source: Spar International

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

Klépierre subsidiary Steen & Strøm completes sale of its stakes in two shopping centers in Norway and Sweden

Paris, 2016-Nov-09 — /EPR Retail News/ — Klépierre today (November 7, 2016) announces that Steen & Strøm, its 56.1%-controlled subsidiary, has completed the sale of its stakes in two shopping centers: 49.9% of Åsane Storsenter in Bergen, Norway (49,604 sq.m.) and 100% of Torp Köpcentrum1 in Uddevalla, Sweden (31,600 sq.m.) for a total consideration of 235 million euros2 excluding transfer duties. On a group share basis for Klépierre, proceeds from the disposals amount to 132 million euros.

The two centers were acquired by the Olav Thon Group, one of Scandinavia’s largest private property owners.

For the first 9 months of 2016, Torp Köpcentrum contributed 4.9 million euros to net rental income for Klépierre on a total share basis. Åsane Storsenter was consolidated under the equity accounting method and contributed 3.9 million euros to net rental income for the same period.

These disposals are in line with Klépierre’s asset rotation strategy for optimizing its portfolio. To date in 2016, 437 million euros worth of assets have been sold and 41 million euros are under sale and purchase promissory agreements.

The transaction also releases additional financial capacity for Steen & Strøm to fund the development projects in its pipeline and potential targeted acquisitions in Scandinavia.

ABOUT KLÉPIERRE

A leading pure play shopping center property company in Europe, Klépierre combines development, rental, property and asset management skills. The company’s portfolio is valued at EUR 22.6 billion at June 30, 2016 and comprises large shopping centers in 16 countries in Continental Europe which altogether welcome 1.2 billion visitors per year. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager. Klépierre is a French REIT (SIIC) listed on Euronext Paris and included in the CAC 40, EPRA Euro Zone and GPR 250 indexes. It is also included in ethical indexes, such as DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and World 120, and Euronext Low Carbon 100 Europe, and is ranked as a Green Star by GRESB (Global Real Estate Sustainability Benchmark). These distinctions underscore the Group’s commitment to a proactive sustainable development policy. For more information: www.klepierre.com

AGENDA:

February 6, 2017 Full year earnings (press release after market close)

INVESTOR RELATIONS CONTACTS:
Vanessa FRICANO
+ 33 (0)1 40 67 52 24
vanessa.fricano@klepierre.com

Julien ROUCH
+33 (0)1 40 67 53 08
julien.rouch@klepierre.com

Hubert D’AILLIERES
+33 (0)1 40 67 51 37
hubert.daillieres@klepierre.com

MEDIA CONTACTS:
Lorie LICHTLEN
Burson-Marsteller i&e
+33 (0)1 56 03 13 01
lorie.lichtlen@bm.com

Camille PETIT
Burson-Marsteller i&e
+33 (0)1 56 03 12 98
camille.petit@bm.com

This press release is available on Klépierre’s website: www.klepierre.com

Source: Klépierre

Lindex expands Reuse and recycle initiative at all its stores in Sweden and Norway

Lindex expands Reuse and recycle initiative at all its stores in Sweden and Norway
Lindex expands Reuse and recycle initiative at all its stores in Sweden and Norway

 

Gothenburg, Sweden, 2016-Aug-22 — /EPR Retail News/ — Lindex launches the possibility for their customers to hand in used textile for recycling and reuse in all stores in Sweden and Norway. Reuse and recycle is a part of the company’s long term ambition to close the material loop. In Sweden, Lindex is collaborating with Myrorna.

Lindex launched the possibility to hand in textiles for reuse and recycle, in a limited amount of stores in 2014 but are now expanding the initiatives to all stores in Sweden and Norway. During the autumn the initiative will also be launched in thirty stores in Finland.

Every year approximately eight kilos of textiles are thrown away in Sweden. We want to change that, and together with our customers, reuse old textiles in the best possible way. Our long term goal is to close the material loop and use fibers recycled by consumers in our own production in order to decrease our need of new raw materials, says,Sara Winroth, Sustainability Manager at Lindex.

Today the collected textiles are given a new life in Myrorna’s second hand shops or through recycling where they become parts in new products such as cloths for the industry or isolation material. Since the start over six tons of textile have been collected.

”This collaboration gives us the possibility to reach new donors and is really in line with our ambition to increase reuse and make it easier for people to donate instead of throwing away. In addition the collaboration with Lindex contributes to us making a profit that is dedicated to social work for people in need of help and support in Sweden, says, Emma Enebog, Sustainability Manager at Myrorna.

For more information, please contact:

Miriam Tjernström
Press Relations Manager, Lindex
Phone: 46 (0)31 739 50 60
E-mail: press@lindex.com

Source: Lindex

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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

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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

Klépierre further increases its leadership position in Scandinavia with the acquisition of Oslo’s leading shopping center, Oslo City

PARIS, 2016-1-4 — /EPR Retail News/ — Klépierre announces that Steen & Strøm, its 56.1% controlled subsidiary, jointly with its partner – Entra – has completed1 the acquisition of Oslo City on December 31, 2015.

Steen & Strøm and Entra have started a demerger process of the holding company that owns Oslo City, following which, Steen & Strøm will fully own the shopping center and half of the parking spaces for a net investment of 336 million euros2 .

Through this acquisition Klépierre reinforces its presence in one of the most dynamic and wealthiest capital cities in Europe with an asset located in Oslo’s main transportation hub and featuring the highest footfall in Norway. Klépierre further increases its leadership position in Scandinavia where it currently operates a 3.5 billion euros3 shopping center portfolio.

ABOUT KLEPIERRE
A leading shopping center property company in Europe, Klépierre combines development, rental, property, and asset management skills. Its portfolio is valued at 21.9 billion euros on June 30 2015. It comprises large shopping centers in 16 countries of Continental Europe. Klépierre holds a controlling stake in Steen & Strøm (56.1%), Scandinavia’s number one shopping center owner and manager.

Klépierre’s largest shareholders are Simon Property Group (20.3%), world leader in the shopping center industry and APG (13.6%), a Netherlands-based pension fund firm. Klépierre is a French REIT (SIIC) listed on Euronext ParisTM and Euronext Amsterdam included the CAC 40, EPRA Euro Zone and the GPR 250 indexes. Klépierre is also included in several ethical indexes – DJSI World and Europe, FTSE4Good, STOXX® Global ESG Leaders, Euronext Vigeo France 20 and Eurozone 120 – and is a member of both Ethibel Excellence and Ethibel Pioneer investment registers. Klépierre is also ranked as a Green Star by GRESB (Global Real Estate Sustainability Benchmark). These distinctions mark the Group’s commitment to a voluntary sustainable development policy.

For more information, visit our website: www.klepierre.com

¹Please refer to Klépierre press release announcing signature of sale and purchase agreement dated December 14, 2015 on www.klepierre.com
²Based on the NOK/EUR exchange rate of 9.62 as of December 30, 2015 – excluding transaction costs
³Value excluding duties, total share as of June 2015

INVESTOR RELATIONS CONTACTS
Vanessa FRICANO – + 33 1 40 67 52 24 – vanessa.fricano@klepierre.com
Julien ROUCH – +33 1 40 67 53 08 – julien.rouch@klepierre.com

MEDIA CONTACTS
Aurélia de LAPEYROUSE – + 33 1 53 96 83 83 – adelapeyrouse@brunswickgroup.com
Nathalie BAUDON – + 33 1 53 96 83 83 – nbaudon@brunswickgroup.com
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This press release is available on Klépierre’s website: www.klepierre.com