Listed retail property specialist Citycon has announced an agreement to acquire shopping centre Albertslund Centrum in the municipality of Albertslund, west of Copenhagen, for DKK 181 mln (EUR 24 mln).
Listed retail property specialist Citycon has announced an agreement to acquire shopping centre Albertslund Centrum in the municipality of Albertslund, west of Copenhagen, for DKK 181 mln (EUR 24 mln).
The transaction was closed on 1 July 2012. The net initial yield on the investment is approximately 7.5%
The company first announced in early June that it was acquiring the scheme, which encompasses 16,000 m2 of leaseable area. The transaction includes a grocery store extension which Citycon will buy when it is completed at end-2014.
The extension will increase the GLA to 20,000 m2. Albertslund Centrum is an open-air local shopping centre with 45 stores. The occupancy rate is 97.5%. TK Development acted as an adviser in the transaction and will manage the centre on Citycon's behalf.
Citycon now owns 37 shopping centres in Finland, Sweden, Estonia, Lithuania and Denmark. In addition, the company manages two further shopping centres in Finland.
