Citycon has signed an agreement to divest Trekanten in Oslo, Norway for a gross purchase price of c. €112m. The price is in line with the latest IFRS fair value of the asset, excluding the value of existing building rights. The transaction is estimated to close by the end of September.
This transaction is part of Citycon’s ongoing divestment programme targeting €350 million of assets sales by the end of 2024. The proceeds from this transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.
“The divestment showcases the recovery of the transaction markets in the Nordics and the increasing investor appetite for Nordic real estate. Divesting the asset is an important action to strengthen Citycon’s credit metrics and provides a solid base for future deleveraging efforts. Further strengthening our balance sheet remains a key priority, and we are committed to our divestment target,” said Erik Lennhammar, Citycon’s Chief Development & Investment Officer.
Image source - Pexels.
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