TALLINN, ESTONIA-Helsinki-based retail investor Citycon, which is in the middle of a management change, will purchase the Kristiine Shopping Centre in Tallinn, Estonia from Baltic property developer Pro Kapital for about $150 million.
Citycon said it will fund the acquisition with existing credit facilities, and expects an increase in rental income and profitability in its Baltic operations and a positive impact on earnings per share. “Going forward, we will continue to pursue additional opportunities to invest our capital effectively and accretively and to grow and diversify our cash flows,” said Citycon CIO Yariv Marom.
Kristiine, Tallinn’s second-largest mall with about 500,000 square feet, was completed in 2002 and expanded by 150,000 square feet last fall. Anchors include Prisma and Marks & Spencer. With this purchase, Citycon owns and manages 35 malls and 46 other retail properties in Finland, Sweden, Estonia and Lithuania.
Allan Saunderson is a managing editor of Property Investor Europe and a contributor to GlobeSt.com.
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