Subject: ACC
Citycon continued to improve its balance sheet by EUR 48.2 share issue, which was 4-times oversubscribed
HELSINKI, Feb. 23, 2024 /PRNewswire/ -- As published in Citycon's Stock Exchange Release 23 February 2024, Citycon successfully completed directed share issue of 11.9 million new shares raising EUR 48.2 million. The issuance was supported by the company's core shareholders and in total, approximately 90% of shares were allocated to institutional investors including a meaningful amount to a number of significant Nordic institutions and long-term shareholders. G City's participation was in line with the Finnish Securities Authority (FSA) requirement that subsequent to the equity offering G City holdings in the company's common equity will fall below 50%.
"We were very pleased to announce this successful transaction, which improves our credit metrics and further solidifies our investment grade balance sheet. We witnessed great demand for the issue, which was 4-times oversubscribed, and we received great support from our core shareholders G City and Ilmarinen, and also added several new long-term investors to our investor base.
The issuance was another step in the company action plan, that was announced in connection with our full year 2023 results, along with the steps taken to reduce expenses, cut both capital and operational expenditures and streamline dividend ? all focused on improving our financial results and further strengthening our balance sheet," says Scott Ball, CEO of Citycon.
For further information, please contact:
Sakari Järvelä
Chief Financial Officer
Tel. +358 50 387 8180
[email protected]
Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.0 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.
Citycon has investment-grade credit rating from Standard & Poor's (BBB-). Citycon's shares are listed on Nasdaq Helsinki Ltd.
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