Edition:
United States

Citycon and Klövern intend to develop 'Globen Shopping' together


Thursday, 31 Aug 2017 01:30am EDT 

Aug 31 (Reuters) - CITYCON OYJ :CITYCON AND KLÖVERN <<>> INTEND TO DEVELOP `GLOBEN SHOPPING' TOGETHER.ACCORDING TO CURRENT DEVELOPMENT PLAN, PARTIES ESTIMATE A TOTAL INVESTMENT OF EUR 260-290 MILLION, INCLUDING ACQUISITION OF PART OF PROPERTY ARENAN 2.LETTER OF INTENT ENCOMPASSES CREATION OF A JOINT VENTURE THAT INTENDS TO ACQUIRE SHOPPING CENTRE PART OF PROPERTY ARENAN 2 FROM KLÖVERN.DIVISION OF OWNERSHIP IN JOINTLY OWNED COMPANY WILL BE 55 PER CENT CITYCON AND 45 PER CENT KLÖVERN.