Citycon acquires Tullintori Shopping Centre in Tampere (FI)

Citycon Oyj has purchased Tullintori Shopping Centre in the Tampere city center from Suomen Osuuskauppojen Keskuskunta. The acquisition comprises 57.4% of the shares in the real estate company Kiinteistö Oy Tullintori. The total debt-free purchase price of the shares is €8.7 million.

Citycon is confident that there is plenty of redevelopment potential in the shopping centre, and the company will start the redevelopment at once. The net rental yield percentage is expected to exceed 8% after the completion of the redevelopment project.

The total leasable area involved in the purchase is some 10,100 m, including all retail premises of the real estate company. The rest of the real estate unit consists mainly of office premises. The anchor tenant of the property is Pirkanmaan Osuuskauppa. In total, there are some 40 tenants.

Tullintori is the only shopping center east of the railway station in the Tampere city center. Many office properties and a hotel have been planned for the area, as a result of which the area's consumer demand is projected to increase.

Source: Citycon

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