Nordic retail real estate giant Citycon has executed a swift leadership transition, appointing Eshel Pesti as chief executive with immediate effect, whilst Oleg Zaslavsky steps down from the role following a mutual agreement with the board.
The appointment of Pesti, who brings 17 years of European shopping centre expertise as current CEO of G City Europe, signals Citycon's commitment to strengthening its €3.8bn portfolio across key Nordic urban markets. His proven track record in operational and financial performance positions the company for accelerated growth in an increasingly competitive retail real estate landscape.
"I would like to welcome Eshel Pesti to Citycon. Eshel brings strong real estate experience and operational expertise, predominantly in urban shopping centres, and the Board unanimously believes he is the right person to lead the company going forward," said Chaim Katzman, Chairman of Citycon's Board of Directors. The board remains focused on high-quality assets in growing urban markets whilst strengthening the balance sheet.
Pesti's Helsinki-based leadership comes at a critical juncture as Nordic retail real estate faces evolving consumer behaviours and sustainability demands. His experience with mixed-use developments could accelerate Citycon's expansion into residential and office spaces, a strategy that could unlock significant value for institutional investors seeking diversified exposure to Nordic urban growth.
The leadership change positions Citycon to capitalise on the Nordic region's robust urban development pipeline, particularly as major cities experience population growth and infrastructure investment. With necessity-based retail anchoring its centres, the company's assets benefit from defensive characteristics that appeal to yield-focused investors in uncertain economic times.
"I am truly honoured for this opportunity to join Citycon, the leading retail real estate company in the Nordics. I am very much looking forward to building the company's future and am dedicated to creating value for all of the company's stakeholders," Pesti stated upon his appointment.
People mentioned:
- Eshel Pesti, incoming CEO of Citycon, former CEO of G City Europe
- Oleg Zaslavsky, outgoing CEO of Citycon
- Chaim Katzman, Chairman of the Board of Directors at Citycon
- Eero Sihvonen, CFO at Citycon
- Anni Torkko, Investor Relations Manager at Citycon
Companies mentioned:
- Citycon Oyj, leading Nordic retail real estate owner and developer
- G City Europe, European shopping centre company
Get the latest commercial real estate news, investment insights, and property trends from Europe Real Estate, trusted by professionals since 1999.
Sign up for free daily or weekly updates. Join here
