Citycon Oyj has acquired the remaining 26 per cent holding in the Myyrmanni shopping center and in addition to that the Valtari shopping centre in Kouvola at a debt-free purchase price of approx. €37 million. The net yield of this investment is 7.4 per cent at the time of acquisition. Consequently, Citycon's holdings in these properties are now 100 per cent.
In 2005, the Myyrmanni shopping center in Vantaa recorded approx. 7.1 million customer visits and total sales of around €158 million. Its gross leasable area is 42,000 m². This acquisition will improve Citycon's opportunities to further develop the shopping center's operations to better meet modern consumer needs.
The Valtari shopping center is one of the largest centres in Kouvola, reporting around 450,000 customer visits and posting total sales of roughly €3.4 million in 2005. Its gross leasable area is 7,619 m².
Source: Citycon
