Marcel Kokkeel, CEO: With strong economies and 25 million consumers the Nordic markets are the best kept secret for investors and retailers
Kokkeel: “Some of the global brands that are still missing from the Nordic region: Uniqlo, TJ Maxx, Banana Republic, Victoria’s Secret, Whole Foods, Taco Bell, Trader Joe’s and others”
October [24] 2013 — Citycon Oyj (NASDAQ OMX: CTY1S), a leading international owner, manager and developer of urban grocery-anchored shopping centers in the Nordic and Baltic regions, is noting today the company’s 25th anniversary with Chief Executive Officer, Marcel Kokkeel, ringing the New York NASDAQ Stock Market Bell.
Founded in 1988 as a business focused on making investments in office properties, Citycon, part of the Gazit Globe Group, is now the largest shopping center owner and operator in Finland and Estonia and the second largest in Sweden with 38 shopping centers and 35 other retail properties in the Nordic and Baltic region. Earlier this year, Citycon and CPPIB (Canada Pension Plan Investment Board) together announced the acquisition of Kista Galleria, one of the largest and most successful shopping centers in the Stockholm area, further strengthening the company’s presence in the region.
Mr. Kokkeel commented: “The Nordic countries are the best kept secret for retailers and investors. Strong stable markets rated AAA, 25 million consumers, a continuous trend of urbanization and yet there is a noticeable absence of international retail brands in the Nordic countries compared to the rest of Europe. While we have seen attractive economic and urbanization growth statistics in the region, there is a substantial opportunity for brands that aim to expand their global visibility. Examples of global brands that are still missing from the Nordic region: Uniqlo, TJ Maxx, Banana Republic, Victoria’s Secret, Whole Foods, Taco Bell, Trader Joe’s and others.
“As we look to the future of the company, we are committed to providing exceptional services to our tenants and creating long-term value for all of our shareholders. We thank the NASDAQ for celebrating our 25th year anniversary with this ceremonious event.”
Citycon’s CFO, Eero Sihvonen: “Our business model is based predominantly on grocery-anchored shopping centers in growing urban markets with high barriers of entry. This makes our cash flows highly predictable and causes an attractive dividend yield of around 5.8%”.
Citycon is a leading player in cities with 87% of its portfolio located in major cities – 70% in capital cities. The majority of Citycon’s shopping centers is connected to public transportation and other services and is surrounded by a growing number of cafes, restaurants, gyms and entertainment attractions, acting as attractive meeting places for the community.
About Citycon
Citycon Oyj (NASDAQ OMX: CTY1S) is the leading owner and manager of urban grocery anchored shopping centers in the Nordic and Baltic region, managing assets that total approximately 3.2 billion euros and with market capitalization of more than a billion euros.