The apartments will be sold to a newly-founded owners association called Tumba Torg by an agreement where the owners association agrees to purchase 100% of the shares in Citycon's Swedish subsidiary Tumba Bostäder AB.
The sold apartments have a total area of 2,328 m², which accounts for approximately 25% of all the apartments connected to Tumba Centrum. Closing of the transaction is expected to take place in July 2011.
“Citycon is a shopping center operator focused in retail and therefore residential properties are not part of our strategy. Our intention is to sell all non-core residential properties from our portfolio,” comments Marcel Kokkeel, Citycon’s CEO.
This is Citycon’s fourth residential disposal. These past years the company has sold a total of 342 apartments in Sweden, approximately half of Citycon’s residential portfolio in the country.