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Real Estate & Construction / 5 Sep 2016

Borenius advised Citycon in the approx. EUR 80 million acquisition of 50% of the Iso Omena shopping centre’s extension from NCC Property Development

We advised Citycon in the approximately EUR 80 million acquisition of 50% of the Iso Omena shopping centre’s extension located in Espoo, Finland, from NCC Property Development, through which Citycon’s stake in Iso Omena rose to 100%.

The extension adds 27,000 square metres of new gross leasable area (GLA) to the Iso Omena shopping centre, resulting in a total GLA of over 100,000 square metres. Once the total extension project is completed in 2017, the shopping centre will offer premises for over 200 different shops, restaurants and service units. The extension makes Iso Omena one of the largest shopping centres in Finland.

Citycon is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total EUR 4.7 billion and with market capitalisation of nearly EUR 2 billion.

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