Helsinki-listed retail specialist Citycon has completed the acquisition of the Kristiine Shopping Centre in Tallinn, Estonia from local developer Pro Kapital for some EUR 105 mln. The deal, which was first announced in mid-March, involves Tallinn's second-largest shopping centre after Rocca al Mare, which is also owned by Citycon.
Helsinki-listed retail specialist Citycon has completed the acquisition of the Kristiine Shopping Centre in Tallinn, Estonia from local developer Pro Kapital for some EUR 105 mln. The deal, which was first announced in mid-March, involves Tallinn's second-largest shopping centre after Rocca al Mare, which is also owned by Citycon.
The Finnish company now has three shopping centres in Tallinn: aside from the 42,600-m2 Kristiine and Rocca al Mare, it also owns and operates Magistral. In total, Citycon has forked out EUR 300 mln on its Estonian portfolio.
The Kristiine Shopping Centre is located on one of the main transportation corridors in the city centre of Tallinn and has a large catchment area of 270,000 inhabitants. Major anchors include Prisma and Marks & Spencer. Built in phases in 1999 and 2002, Kristiine was expanded last autumn by more than 12,000 m2 and now boasts some 180 stores.
Citycon funded the acquisition from its existing credit facilities.
London-based Eaton Group acted as adviser on the deal. The company also mediated on behalf of Citycon's other two acquisitions in the Estonian capital.
Following the acquisition, Citycon will own and manage a total of 35 shopping centres and 46 other retail properties in Finland, Sweden, Estonia and Lithuania.
