Finnish listed real estate company Citycon is acquiring Albertslund Centrum in Greater Copenhagen from the local municipality for DKK 181 mln (EUR 24 mln). The shopping centre comprises 16,000 m[sup]2[/sup] of leaseable area and the transaction includes a grocery store extension which Citycon will buy when it is completed at end-2014.
Finnish listed real estate company Citycon is acquiring Albertslund Centrum in Greater Copenhagen from the local municipality for DKK 181 mln (EUR 24 mln). The shopping centre comprises 16,000 m2 of leaseable area and the transaction includes a grocery store extension which Citycon will buy when it is completed at end-2014.
The extension will increase the GLA to 20,000 m2. Albertslund Centrum is an open-air local shopping centre with 45 stores. The occupancy rate is 97.5%.
On the acquisition date, the net initial yield on the investment is approximately 7.5%. The deal is expected to be closed in July.
TK Development acted as an advisor in the transaction and will manage the centre on Citycon's behalf.
Citycon now owns 37 shopping centres in Finland, Sweden, Estonia, Lithuania and Denmark. In addition, the company manages two further shopping centres in Finland.
