References/24 Oct 2014
Borenius advised Citycon in the acquisition of 40% of the Iso Omena shopping centre
We advised Citycon in the acquisition of 40% of the Iso Omena shopping centre (Espoo, Finland, GLA 63,300 m2) from the Singaporean GIC, through which Citycon increased its ownership to 100%.
The purchase price was in line with the current fair value of Iso Omena. GIC has been a co-investor with Citycon in Iso Omena since 2008. Iso Omena is Citycon’s largest shopping centre in Finland and is currently undergoing a major expansion and (re)development project. The expansion’s first phase is being carried out in a 50-50 partnership with NCC Property Development. Featuring 75,000 square metres of retail area, the expanded Iso Omena will open in late summer 2016 and will be fully integrated with the busy Matinkylä station of the new western metro line.