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).
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.