Citycon has signed an agreement to sell 76 non-core properties to a Kenmore Property Group Limited fund. The debt-free sale price of the properties is €74 million.
The gain on sale is €7.5 million in accordance with IFRS, based on fair values on 31 March 2006. The positive impact of the transaction to the company's 2006 EPS is approximately €0.02 and to 2006 profit approximately €3.8 million.
All of the sold-off properties with a gross leasable area of 77,000 m² are located in Finland. Closing is expected to take place by the end of September 2006.
Source: Citycon
