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Citycon Oyj Acquires Further 30% of Shopping Centre Stenungstorg in Stenungsund, Sweden

Thursday, 1 Nov 2012 09:35am EDT 

Citycon Oyj announced that the Company has acquired 30% of shopping center Stenungstorg located in the Stenungsund municipality north of Gothenburg, Sweden for approximately SEK 126 million (approximately EUR 14.7 million) from KF Fastigheter AB. The Company acquired the 70% share of the shopping centre in 2006 and then KF Fastigheter AB remained as a minority shareholder. The acquisition price is based on the shopping centre’s current market value. The Company plans to invest approximately EUR 21 million in the shopping centre as it will be redeveloped and extended by 5000 square meters. The two year project is expected to start in 2013 as soon as required pre-leasing is obtained. 

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