CITYCON OYJ Investor News 29.2.2024 at 16:40 hrs
HELSINKI, Feb. 29, 2024 /PRNewswire/ -- Citycon has successfully completed the transaction to acquire the remaining interest in Kista Galleria in Stockholm, Sweden. Citycon has managed the centre since 2012 and before the transaction owned 50% of the asset. After the transaction, Citycon has 100% ownership. Kista Galleria has approximately SEK 2,400 million of debt and following the transaction Citycon assumed seller's share of existing debt (approximately SEK 1,200 million) and made a cash payment (approx. EUR 2.5 million). The new loan is secured by additional two assets located in Sweden.
"Kista Galleria is one of Sweden's largest and most visited centres with 15.5 million annual visitors in a rapidly growing area within Stockholm municipality, adjacent to metro and bus terminal, making it an excellent fit for Citycon's portfolio. We have owned and managed the centre for many years, and we know the asset well. With our extensive knowledge and full ownership of the asset, we believe we will be able create value for our shareholders," says F. Scott Ball, CEO at Citycon.
CITYCON OYJ
For further information, please contact:
Sakari Järvelä
Chief Financial Officer
Telephone +358 50 387 8180
sakari.jarvela@citycon.com
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.0 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit rating from Standard & Poor's (BBB-). Citycon's shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com
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