Citycon Sells a Non-Core Property in Umeå

Sweden — 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.

2016-12-29

“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.

Axel Ohlsson

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