GIC Real Estate buys 40% stake in Finland’s shopping mall for S$270m

GIC Real Estate has bought a 40 per cent stake in Finland’s fifth largest modern shopping centre, Iso Omena, for 132 million euros or about S$270 million.

The seller, Citycon, will continue to own the remaining 60 per cent of the mall.

Citycon will also continue to manage the shopping centre in Helsinki.

Iso Omena has a total lettable area of over 61,000 square metres.

Both Citycon and GIC RE have agreed to develop and extend the mall.

The shopping centre has planning permission for an extension of 7,000 square metres.

It was completed in 2001 and acquired by Citycon five months ago. – CNA/ir

Source : Channel NewsAsia – 13 Feb 2008

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