Citycon has acquired Magistral shopping centre in the Mustamae district of Tallinn, Estonia, for about EUR 17 mln. The fully-leased mall, completed in 2000, has a gross lettable area of 9,450 m[sup]2[/sup]. The company said that the shopping centre provides significant opportunities for development and extension. Citycon also agreed to acquire some 8,500 m[sup]2[/sup] of building rights for EUR 2 mln. The deal is expected to be finalised at the end of August.
Citycon has acquired Magistral shopping centre in the Mustamae district of Tallinn, Estonia, for about EUR 17 mln. The fully-leased mall, completed in 2000, has a gross lettable area of 9,450 m2. The company said that the shopping centre provides significant opportunities for development and extension. Citycon also agreed to acquire some 8,500 m2 of building rights for EUR 2 mln. The deal is expected to be finalised at the end of August.
The mall accommodates some 50 stores over three storeys including anchor grocery retailer Rimi as anchor tenant. Other key tenants include Koduextra, Seppälä, Rademar and Tiimari. In 2006, around 3.6 million customers visited the shopping centre, generating total sales of approximately EUR 16 mln. Including this deal, Citycon owns three shopping centres in the Baltic States: two in Estonia and one in Lithuania.