Citycon has agreed to purchase the 40% share GIC holds in the Iso Omena shopping center in the Helsinki area.This transaction will result in Citycon obtaining 100% ownership of the center. The purchase price offered is consistent with Iso Omena’s current fair value.
GIC has been a co-owner of the center since 2008, during which Iso Omena’s performance has remained strong with its net rental income increasing by around 30% and its visitor and sales figures increasing by around 17%.
The CEO of Citycon, Marcel Kokkeel, stated his pleasure at working with GIC over the years and thanked them for their commitment to make Iso Omena one of the most successful centers within the Helsinki region. He said they were entering a new development phase and is of the opinion that full ownership of the mall will offer them the flexibility they require for future development.
Iso Omena is the largest shopping center Citycon holds in Finland and is in the process of a massive redevelopment and expansion project. The first phase of the expansion project is being done in a 50-50 partnership with NCC Property Development. The expanded Iso Omena, with 75000m² of retail area, is due to open during the late summer of 2016 and will have full integration into the bustling Matinkylä station on the new western metro line.