Finnish real estate company Citycon has completed the divestment of its Trekanten shopping centre in Oslo, Norway, for NOK 1.32 bn (€112 mln) to an unnamed buyer.
The transaction, announced in September, aligns with the property's recent valuation, excluding the value of the existing building rights.
The transaction is part of Citycon’s ongoing divestment programme targeting €350 mln of assets by the end of 2024.
The funds will be used to strengthen Citycon's financial position and reduce debt.
Erik Lennhammar, Citycon’s chief development & investment officer, said: ‘The divestment showcases the recovery of the transaction markets in the Nordics and the increasing investor appetite for Nordic real estate. Divesting the asset is an important action to strengthen Citycon’s credit metrics and provides a solid base for future deleveraging efforts. Further strengthening our balance sheet remains a key priority, and we are committed to our divestment target.’
Tenants at the Trekanten shopping centre include Apotek 1, Clas Ohlson, H&M, Meny, Mester Grønn, Rituals, Anton Sport, and Vinmonopolet.
Citycon specializes in mixed-use developments in the Nordic region that combine modern retail spaces with residential, office, and community services. Its €4.2 bn portfolio includes shopping centres located in vibrant urban areas, anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
