Citycon has divested the Lippulaiva residential housing companies in Espoo. The sold residential asset comprises 275 apartments with a total leasable area of nearly 13,000 m². The residential building is an integrated part of the Lippulaiva shopping centre and form part of the wider Lippulaiva development. The housing building was completed in 2022.
The assets were sold at their latest IFRS book value for a gross purchase price of EUR 61.5 million. The consideration was paid in full in cash. The proceeds from the transaction will be used to repay debt.
According to the broker in the transaction, Newsec, further details regarding the transaction will be published just before Christmas.