Chaim Katzman, chairman of Gazit-Globe
Gazit-Globe buys Finland's fifth largest mall
Company subsidiary Citycon signs $443 million deal for prime location mall. Also holds assets in Sweden, Estonia
Gazit-Globe's Finish subsidiary, Citycon, which manages the company's real estate ventures in Europe, announced Wednesday it purchased Finland's fifth largest mall, Iso Omena, for $443 million.
The 65,000 square foot mall, located nine miles from Helsinki, is surrounded by several universities and large industrial compounds.
Citycon also purchased the development right for an additional 75,000 square feet surrounding the mall, which it intends on using for the compound's upgrade.
"This acquisition will allow us to enlarge our commercial real estate holdings in Helsinki. We intend on improving the compounds and incorporating it in our asset portfolio," said Satikon's chief executive officer, Petri Olkinuora.
Citycon's main holdings are in Finland, but is also has holdings in Sweden and Estonia. The company's second quarter showed a 52% rise in profit, which came to $183 million.
