| 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..............................................Full Article: Source
|