Citycon has sold a pair of shopping centres in Finland for a total value of around EUR 77 million. The buyer is Nordic fund manager NREP. The shopping centres, Arabia in Helsinki and Duo in Tampere, are sold at fair value according to a press release from Citycon.
“This divestment reflects Citycon’s strategy to focus on larger, urban and grocery-anchored shopping centres in the Nordics. We will use the proceeds from the divestment to strengthen our balance sheet and to finance the ongoing re-development projects. The divestment of Duo and Arabia is also a testimony that there is real estate investor demand for Nordic retail assets, which have a good tenant mix”, comments F. Scott Ball, Citycon’s CEO.
Newsec acted as the seller’s advisor in the transaction.