Borenius advises Citycon Oyj on the divestment of three shopping centers

We act as tax counsel for Citycon Oyj in connection with the potential divestment of three shopping centres in Finland with an appraisal value of approximately EUR 422.6 million.

Citycon announced on 12 August 2026 that its Board of Directors had approved the potential divestment of the shopping centres Myyrmanni in Vantaa, Koskikeskus in Tampere and Trio in Lahti to Noga Finland Retail Properties Oy (the “Purchaser”), a company currently controlled by the shareholders of G City Ltd. The divestment will be executed at book value based on the latest investment property appraisal value of approximately EUR 422.6 million as at 30 June 2026. The share purchase agreement is expected to be signed, and the closing of the transaction is expected to take place during the second half of 2026. Closing of the transaction is conditional on the completion of a public offering of securities of Noga Retail Properties Ltd., which is the parent company of the Purchaser, as well as other customary conditions.