Citycon and GIC Real Estate in partnership for Iso Omena, Finland's
5th largest shopping centre
Joint Press Release 12.2.2008
Citycon Oyj
GIC Real Estate
Citycon, the market leader in the shopping centre business in
Finland, and an affiliate of GIC Real Estate (GIC RE), the property
investment arm of the Government of Singapore Investment Corporation,
have entered into a partnership agreement for the shopping centre Iso
Omena ("Big Apple").
Upon closing of the agreement, Citycon will own 60 per cent of Iso
Omena and GIC RE, 40 per cent. GIC RE purchased its 40 per cent stake
from Citycon for EUR 131.6 million. The parties have agreed that
Citycon will continue to be responsible for the business and
management of the shopping centre.
Located in the Helsinki Metropolitan Area, Iso Omena is Finland's
fifth largest modern shopping centre and has a strong, wealthy
catchment area. Its total lettable area is 61,300 square metres, of
which approximately 49,000 square metres consists of retail premises.
According to the agreement, both Citycon and GIC RE intend to be
long-term investors in the shopping centre and have agreed to develop
and extend the mall. The shopping centre has planning permission for
an extension of approximately 7,000 square metres.
"We are extremely pleased to partner with one of the world's most
highly-regarded real estate investment management companies. Iso
Omena is the largest and best centre in our shopping centre
portfolio. With this agreement, we will release capital for the
redevelopment of our property portfolio in accordance with our
strategy. This business concept may also become part of our strategy
and source of capital", states Citycon's CEO Petri Olkinuora.
Iso Omena was completed in 2001 and acquired by Citycon in September
2007.
- ENDS -
About Citycon Oyj
Citycon is the market leader in the Finnish shopping centre business,
owning a total of 22 shopping centres in Finland. In Sweden, Citycon
owns eight shopping centres and, in the Baltic Countries, three. In
addition, the company owns 53 other retail properties, 46 in Finland
and seven in Sweden.
Citycon is an expert and partner in retail premises, serving consumer
costumers together with its tenants. The aim is to produce versatile,
attractive, inspirational and functional shopping environments for
consumers.
About GIC Real Estate
iGIC Real Estate is the real estate investment arm of the Government
of Singapore Investment Corporation. GIC Real Estate manages a multi
billion dollar portfolio of direct and indirect property investments
with over 200 investments in more than 30 countries. It is one of
the largest institutional investors in Asia and currently ranks
amongst the world's top 10 global real estate investment firms. For
more information on GIC Real Estate please visit www.gicre.com.
For further information please contact:
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| Citycon Oyj |
| Petri Olkinuora, CEO |
| GSM +358 (0)400 333 256 |
| |
| Kaisa Vuorio, Vice President, Finnish Operations |
| GSM +358 (0)500 667 227 |
| |
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| |
| |
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| GIC Real Estate Pte Ltd |
| Ms Mah Lay Choon |
| Vice President, |
| Corporate Communications |
| Administration and Corporate Affairs |
| GIC Real Estate Pte Ltd |
| 168 Robinson Road #37-01 |
| Capital Tower |
| Singapore 068912 |
| Tel: (65) 6889 6841 |
| mahlaychoon@gic.com.sg |
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