CITYCON OYJ Inside Information 12 August 2026 at 18:45 hrs
Citycon Oyj ("Citycon") announces that its Board of Directors has today approved the potential divestment of the shopping centers Myyrmanni in Vantaa, Koskikeskus in Tampere, and Trio in Lahti to Noga Finland Retail Properties Oy (the "Purchaser"), a company currently controlled by the shareholders of G City Ltd. Divestment will be executed at book value based on the latest investment properties appraisal value of approximately EUR 422.6 million (30 June 2026). The share purchase agreement is expected to be signed and the closing of the transaction is expected to take place during H2/2026. Closing of the transaction is conditional on the completion of a public offering of securities of Noga Retail Properties Ltd., which is the parent company of the Purchaser, as well as other customary conditions.
Citycon would be willing to provide a vendor loan at arm's length market terms in the principal amount (post-closing) up to EUR 84.5 million to the Purchaser.
Citycon will retain asset and property management services for the divested centers and will receive management service and success fees as customary. The contemplated divestment is in line with Citycon's updated target to continue to divest assets in the amount of around EUR 1 billion in the next 24 months, as disclosed in connection with Citycon's financial statements release 2025.
Citycon's outlook for 2026 will remain unchanged.
G City and G City's fully owned subsidiary Gazit Europe Netherlands currently hold in aggregate 164,631,860 shares in Citycon, corresponding to approximately 89.68 percent of all the shares and voting rights in Citycon. G City has a controlling interest in Citycon and is its parent company and a related party to the company.
Related party transactions that deviate from the ordinary course of business of the company or are made in deviation from ordinary market terms require approval by the board of directors to implement the related party transaction. The decision to approve the transaction has been made by the independent board members.
CITYCON OYJ
For further information, please contact:
Hilik Attias
Chief Financial Officer
Tel. +358 40 688 8580
hilik.attias@citycon.com
Anni Torkko
Director, Group Corporate Analysis & IR
Tel. +358 45 358 0570
anni.torkko@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 3.8 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's shares are listed on Nasdaq Helsinki Ltd.
www.citycon.com
