Citycon sells 41 apartments in Tumba Centrum (SE/FI)

Citycon continues with the divestments of its residential portfolio in Sweden by selling 41 apartments connected to the shopping center Tumba Centrum for SEK 48 million (approximately €5 million).

Tumba Centrum

Tumba Centrum.

The apartments will be sold to a newly-founded owners association called Tumba Torg by an agreement where the owners association agrees to purchase 100% of the shares in Citycon's Swedish subsidiary Tumba Bostäder AB.

The sold apartments have a total area of 2,328 m², which accounts for approximately 25% of all the apartments connected to Tumba Centrum. Closing of the transaction is expected to take place in July 2011.

"Citycon is a shopping center operator focused in retail and therefore residential properties are not part of our strategy. Our intention is to sell all non-core residential properties from our portfolio," comments Marcel Kokkeel, Citycon's CEO.

This is Citycon's fourth residential disposal. These past years the company has sold a total of 342 apartments in Sweden, approximately half of Citycon's residential portfolio in the country.

Source: GlobeNewswire

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