Citycon announced on Friday that it has completed the purchase of the Iso Omena shopping centre for approximately EUR 329 mln. The deal reflects an initial net yield of 4.5%. Following redevelopment and other commercial improvements the company estimates that the net yield will increase in the future. 'As a committed, long-term shopping centre owner, developer and operator, we will continue actively to redevelop and extend Iso Omena. This centre, under our management and after two to three years' development phase, will enhance the synergetic and qualitative dimensions of Citycon's shopping centre portfolio,' said ceo Petri Olkinuora.
Citycon announced on Friday that it has completed the purchase of the Iso Omena shopping centre for approximately EUR 329 mln. The deal reflects an initial net yield of 4.5%. Following redevelopment and other commercial improvements the company estimates that the net yield will increase in the future. 'As a committed, long-term shopping centre owner, developer and operator, we will continue actively to redevelop and extend Iso Omena. This centre, under our management and after two to three years' development phase, will enhance the synergetic and qualitative dimensions of Citycon's shopping centre portfolio,' said ceo Petri Olkinuora.
