Citycon to acquire a shopping center in Lithuania (FI)

Citycon has today signed an agreement to acquire the entire share capital of UAB Rimvesta, which owns the Mandarinas shopping center in Vilnius, the capital of Lithuania. The debt-free purchase price of the shares is approx. €14.6 million and the net yield on the purchase price on the transaction date is 7.3 per cent.

The acquisition of the shopping center is part of Citycons expansion strategy in the Baltic countries. The transaction is expected to be finalized on 2 June 2006 at the latest. The Mandarinas shopping center is located in Fabijoniskes, one of Vilniuss bustling, rapidly growing districts. The total population of Vilnius is 561,000 with the Fabijoniskes district covering around 24,000 and the shopping centers primary catchment area a total of almost 50,000 inhabitants.

The Mandarinas shopping center is a food anchored neighbourhood shopping center offering its customers a wide range of services. The centers main grocery provider is Rimi and specialty shops include FamClub, Mada vaikams, Marli Man, Marli Woman and Verus. Restaurants, cafeterias and banking services, for example Čili Pica, Double Coffee and Hansabankas, complement the service offering. The center holds a total of 55 shops and restaurants. The shopping center is expected to attract approximately 2.6 million customers in 2006. The shopping center was completed in September 2005. Leasable premises total some 7,900 m±, 99.7% of which are currently leased. There are parking facilities for over 250 vehicles.

Source: Citycon

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