Nordic shopping centre landlord Citycon has signed an agreement to sell a shopping centre in Stord, Norway to an affiliate of Midgard Gruppen for a gross asset value of €24 mln.
The sales price is close to the asset’s latest IFRS fair value. The transaction is expected to close by end-June.
'This divestment reflects Citycon’s strategy to focus on urban, grocery-anchored shopping centres in the Nordics. We will use the proceeds from the divestment in development and extension projects as well as to strengthen the balance sheet,' said Tom Lisiecki, Chief Development Officer at Citycon.
Citycon is a owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets worth €4.5 bn in Finland, Norway, Sweden and Estonia.