Citycon Oyj
Citycon acquires GIC’s ownership stake in the Iso Omena shopping centre
Citycon Oyj 16.10.2014 08:10 Dissemination of a Adhoc News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. --------------------------------------------------------------------------- CITYCON OYJ Stock Exchange Announcement 16 October 2014 at 9:10 hrs Citycon has today agreed to acquire GIC's 40 per cent stake in the Iso Omena shopping centre in the Helsinki region. After this transaction, Citycon owns 100 per cent of the existing shopping centre. The purchase price is in line with the current fair value of Iso Omena. GIC has been a co-investor in Iso Omena since 2008. During this period, Iso Omena has shown strong performance with net rental income increasing by approximately 30 per cent, and footfall and sales by approximately 17 per cent. 'We have been very pleased with the joint venture with GIC and want to thank them for their commitment in making Iso Omena one of the best shopping centres in the Helsinki region. As we enter a new development phase, we believe full ownership of the property will provide flexibility in terms of future development possibilities,' says Citycon's CEO Marcel Kokkeel. Iso Omena is Citycon's largest shopping centre in Finland and is currently undergoing a major expansion and (re)development project. The expansion's first phase is being carried out in a 50-50 partnership with NCC Property Development. Featuring 75,000 square metres of retail area, the expanded Iso Omena will open in late summer 2016 and will be fully integrated with the busy Matinkylä station of the new western metro line. Helsinki, 16 October 2014 CITYCON OYJ For further information, please contact: Marcel Kokkeel, CEO Tel. +358 20 766 4521 or +358 40 154 6760 marcel.kokkeel@citycon.com Citycon Oyj (NASDAQ OMX: 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 3.3 billion and with a market capitalisation of approximately EUR 1.6 billion. For more information about Citycon, please visit www.citycon.com Distribution: NASDAQ OMX Helsinki Major media www.citycon.com News Source: NASDAQ OMX 16.10.2014 The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------------- Language: English Company: Citycon Oyj Finland Phone: Fax: E-mail: Internet: ISIN: FI0002001728 WKN: End of Announcement DGAP News-Service ---------------------------------------------------------------------------
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