Citycon will acquire the Columbus shopping center in Vuosaari, Helsinki. Debt-free purchase price is €80.1 million which corresponds to an initial net yield of 5.8%. The shopping center will be extended by 7,500 m² whereafter its gross leasable area totals around 20,000 m². The closing of the acquisition is expected to take place by mid July.
Columbus is a local shopping center anchored by hypermarket Citymarket and S-Market. Other main tenants include Lindex, Seppälä, Alko and Hesburger. The total number of tenants is 60. Last year, the shopping center recorded sales of approximately €65 million and attracted around 7 million customers. Citycon sees that the center has substantial development potential and will immediately start the related development activities which will result in higher return on investment.
Source: Citycon Oyj