Citycon has signed an agreement to sell Kongssenteret in Kongsvinger, Norway. The sales price is close to the latest IFRS fair value of the asset. The transaction is estimated to close by the end of May.
“The divestment follows Citycon’s strategy to focus on larger, grocery and municipal service-anchored urban hubs with direct connection to public transportation. The transaction showcases the attractiveness and desirability of necessity-based, inflation protected Nordic retail assets to investors as the transaction market is picking up”, said Erik Lennhammar, Citycon’s CDO.
The proceeds from this transaction will be used to repay debt and to further strengthen Citycon’s investment grade balance sheet.
Image source - Pexels.
Europe Real Estate — an overview of real estate developments in European countries.
