Citycon has signed preliminary agreements, based on which Citycon and Paulig sell two land plots in Vuosaari, Helsinki. Both transactions will take place after the zoning has been approved. The total value of the agreements to Citycon amounts to €9.4m. The buyers, Skanska Talonrakennus and Bonava Suomi, plan a significant residential project in the area, which is located in the immediate vicinity of Citycon’s Columbus shopping centre.
“These divestments reflect Citycon’s strategy to focus on urban, grocery-anchored shopping centres in densely populated areas with a connection to transportation hubs in the Nordics. We will use the proceeds from the divestment in development and extension projects as well as to strengthen the balance sheet. A total of around 900 new apartments with around 1,400 new residents are planned in the plots around the Columbus shopping centre, which will provide natural footfall to Columbus and make it a true urban community centre,” said F. Scott Ball, CEO at Citycon.