Citycon became sole owner of commercial premises in shopping center Torikeskus in Seinäjoki (FI)

Citycon Oyj has acquired 10.1% of share capital of the company named Kiinteistö Oy Seinäjoen Kino. Kiinteistö Oy Seinäjoen Kino owns together with Kiinteistö Oy Larvalankatu 13 the commercial premises in the Torikeskus Shopping Centre in Seinäjoki. Citycon has 100% ownership in both companies after the transaction. The purchase price was € 1.2 million.

The Torikeskus Shopping Centre is one of the leading shopping centers in the large market area of Southern Ostrobothnia. It is estimated that 1.4 million customers will be visiting the shopping center in 2004 and its total sales will be roughly € 16.8 million.

Citycon acquired the Torikeskus Shopping Centre in February 2004. The purchase price was € 7.0 million. The net yield of the property on its purchase price at the date of the transaction was roughly 8.6%.

Citycon owns a total of 16 shopping centers in the Helsinki Metropolitan Area and other regional centres in Finland.

In addition to shopping centers, Citycon also owns 130 supermarkets and shops. The balance sheet value of the company’s entire property portfolio on 30 September 2004 was € 731.0 million, of which shopping centres account for 58.9% and supermarkets and shops for 41.1%.

Source: Citycon

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