Citycon has today agreed to acquire GIC’s 40% stake in the Iso Omena shopping center in the Helsinki region. After this transaction, Citycon owns 100% of the existing shopping center. 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%, and footfall and sales by approximately 17%.
“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 centers 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 center 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 m² 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.
Source: Citycon Oyj