Finnish property firm Citycon has completed its rights issue and raised around EUR 99 mln. The firm offered a total of 27,594,782 shares for subscription in accordance with shareholders' pre-emptive subscription rights, and approximately 99 per cent of the offered shares were subscribed for in the primary subscription. The secondary subscription was over-subscribed, Citycon said.

Finnish property firm Citycon has completed its rights issue and raised around EUR 99 mln. The firm offered a total of 27,594,782 shares for subscription in accordance with shareholders' pre-emptive subscription rights, and approximately 99 per cent of the offered shares were subscribed for in the primary subscription. The secondary subscription was over-subscribed, Citycon said.

'I am very pleased with the confidence and trust that Citycon's shareholders have shown in the company. The outcome of the share offering was excellent. As we have earlier announced, the proceeds of the offering are intended to be used to partially finance the acquisition of the shopping centre Iso Omena. The company's shareholders have evidenced their support for the continuance of the company's growth strategy through their participation in the offering,' said Citycon ceo Petri Olkinuora.

Citycon said it will announce the final result of the rights issue on 8 October 2007.