May 30. 2006
Citycon to acquire a shopping centre in lithuania
Citycon has today signed an agreement to acquire the entire share capital of UAB Rimvesta, which owns the Mandarinas shopping centre in Vilnius, the capital of Lithuania. The debt-free purchase price of the shares is approx. EUR 14.6 million and the net yield on the purchase price on the transaction date is 7.3 per cent. The acquisition of the shopping centre is part of Citycon's expansion strategy in the Baltic countries. The transaction is expected to be finalised on 2 June 2006 at the latest.
The Mandarinas shopping centre is located in Fabijoniskes, one of Vilnius's bustling, rapidly growing districts. The total population of Vilnius is 561,000 with the Fabijoniskes district covering around 24,000 and the shopping centre's primary catchment area a total of almost 50,000 inhabitants.
The Mandarinas shopping centre is a food anchored neighbourhood shopping center offering its customers a wide range of services. The centre's main grocery provider is Rimi and specialty shops include FamClub, Mada vaikams, Marli Man, Marli Woman and Verus. Restaurants, cafeterias and banking services, for example ?ili Pica, Double Coffee and Hansabankas, complement the service offering. The centre holds a total of 55 shops and restaurants. The shopping centre is expected to attract approximately 2.6 million customers in 2006.
The shopping centre was completed in September 2005. Leasable premises total some 7,900 square metres, 99.7% of which are currently leased. There are parking facilities for over 250 vehicles.
Citycon is the Finnish market leader in the shopping centre business. It owns a total of 18 shopping centres in the Helsinki Metropolitan Area and other regionalcentres of Finland, and nine shopping and retail centres in the Stockholm andGothenburg regions in Sweden, plus the Rocca al Mare shopping centre in Tallinn, Estonia. In addition to the shopping centres, Citycon owns 127 supermarket and retail premises in Finland.
For further information
Petri Olkinuora, CEO, mobile +358 400 333 256
Harri Holmström, Chief Investment Officer, mobile +358 40 845 5726
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