Finnish retail property investor Citycon has posted a pre-tax loss of EUR 13 mln in the first three quarters of 2009, up from a loss of EUR 121 mln reported in the same period a year before. The figure includes devaluations of EUR 59 mln in its investment properties.
Finnish retail property investor Citycon has posted a pre-tax loss of EUR 13 mln in the first three quarters of 2009, up from a loss of EUR 121 mln reported in the same period a year before. The figure includes devaluations of EUR 59 mln in its investment properties.
Turnover rose by 3.2% to EUR 137 mln, from EUR 133 mln a year before, mostly due to an increase in gross leasable retail space. The vacancy rate in the portfolio increased slightly over the past 12 months reaching 5.3% in September 2009, from 4.4% a year before.
'Citycon's cash flow, financial performance and financial position remained good during the period. The direct result increased to EUR 38 mln mainly due to higher net rental income and clearly lower financial expenses,' said CEO Petri Olkinuora.
In the third quarter the company unveiled plans to develop the Åkersberga shopping centre in Greater Stockholm, representing a total investment of EUR 46 mln. 'This project supports Citycon's growth strategy and further strengthens its position in Sweden', it said.
Furthermore, one of the company's largest projects, the Liljeholmstorget shopping centre is planned to open its doors this week while the final phase of the Rocca al Mare mall in Tallinn will be completed and opened to the public in November. Both shopping centres are almost fully leased.
New projects in the pipeline include the developments of the Martinlaakso and Myllypuro shopping centres in the Helsinki Metropolitan Area, Citycon said. The company, which operates in Finland, Sweden, Estonia and Lithuania, is considering alternative property financing sources, it added.
