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Citycon Oyj Specifies Consolidation of Kista Galleria Acquired with Canada Pension Plan Investment Board


Wednesday, 6 Feb 2013 02:04am EST 

Citycon Oyj announced previously that it has acquired shopping center Kista Galleria located in Stockholm together with Canada Pension Plan Investment Board (CPPIB). When acquiring Kista Galleria, Citycon published its turnover, net rental income and the fair value of its investment properties to grow by entire Kista Galleria's turnover, net rental income and fair value. Different from what was announced, the acquisition will be treated as a jointly controlled entity and Kista Galleria is to be consolidated with the equity method meaning that Citycon's share (50%) out of the net profit of Kista Galleria shopping center is recorded as share of result in jointly controlled entities in the statement of comprehensive income. In the statement of financial position, Citycon’s share of Kista Galleria is reported within the line called Investment in jointly controlled entities. Regardless of the change in consolidation method of Kista Galleria, Kista Galleria’s effect on the Company's EPRA earnings and EPRA earnings per share will remain unchanged. To ensure transparency, Citycon will provide in the future additional disclosure of Kista Galleria as if it was fully consolidated to Citycon. 

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