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Citycon Oyj Finalizes Acquisition of Kista Galleria with Canada Pension Plan Investment Board; Loan Financing Agreement Signed


Thursday, 17 Jan 2013 06:30am EST 

Citycon Oyj announced that together with the Canada Pension Plan Investment Board (CPPIB) it has completed the acquisition of the Kista Galleria shopping center in Stockholm, for a sale price of approximately SEK 4.6 billion. The closing of the acquisition took place on January 17, 2013. The acquisition price corresponds to approximately EUR 530 million with the closing date’s exchange rate. According to the terms and conditions of the acquisition, Citycon and CPPIB will each own one half of the shopping center. On January 14, 2013, Citycon and CPPIB signed a stand-alone asset backed loan agreement totalling SEK 2,290 million (approximately EUR 265 million) in order to finance the shopping center investment. The loan is secured by Kista Galleria. The loan period is for five years. The loan is granted by Skandinaviska Enskilda Banken AB (publ) which also coordinated the transaction, and Swedbank AB and Aareal Bank AG. At the time of closing the acquisition, Citycon also announced that it would finance the rest of its share by using existing credit facilities and that it would consider arranging a share issue in order to raise equity. The details of the capital increase are being planned and are subject to approval by the shareholder’s General Meeting to be held on February 6, 2013. 

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