CITYCON OYJ Investor News 03 September 2019 at 09:00 hrs
HELSINKI, Sept. 3, 2019 /PRNewswire/ -- Citycon arranges a Capital Markets Day for institutional investors, analysts and media in Stockholm today, Tuesday September 3, 2019. The aim of the day is to give a strategic update and present the focus areas of Citycon's current management. The financial targets of the company remain intact.
Citycon's CEO F. Scott Ball:
"Citycon has a great and stable business model with a diversified tenant mix. Our strategy focuses on offering groceries and other daily services meaning we are much less dependent on fashion. All our assets are connected to public transportation and our portfolio has a tremendous footfall of over 170 million annually, which illustrates how closely our assets are linked to their surrounding communities. In addition, the fact that over 85% of our leases are indexed, further increases the stability of our business model.
In the short-term, Citycon's new management's aim is to maximize the value of our current assets. With our new organization in place, we have taken concrete steps in order to improve our asset management and harmonize processes across our operating countries.
Citycon has assets in the top-tier cities in the Nordics, which offer a lot of potential for densification. In the long-term our ambition is to become a mixed-use urban real estate developer and owner. With our strengthened development team, we can best exploit the densification opportunities in and around our assets in order to create more value for our stakeholders. We already have some exposure to residential, but we have significant further potential to expand our residential and office footprint.
We have a strong and dedicated team in place at Citycon. I am positive that with this great team we are able to maximize the value of our assets for the benefit of all stakeholders."
Agenda for the Capital Markets Day
The presentations will start on September 3, 2019 at 13.00 CEST and will end by 16.30 CEST. The event can be followed live at https://www.citycon.com/cmd2019. The presentations will be available on the same page around 12.30 CEST.
F. Scott Ball, CEO:
Henrica Ginström, Chief Operating Officer:
Increased focus on asset management
Eero Sihvonen, Chief Financial Officer and Executive Vice President:
Solid financial base
Erik Lennhammar, Chief Development Officer:
For further information, please contact:
Investor Relations and Communications Director
Citycon is a leading owner, manager and developer of urban, grocery-anchored shopping centres in the Nordic region, managing assets that total approximately EUR 4.5 billion. Citycon is No. 1 shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.
Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon Oyj's share is listed in Nasdaq Helsinki.
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