CPPIB-backed Citycon to acquire Norway's Sektor Gruppen for $1.6 bln
Finnish commercial property owner Citycon Oyj has agreed to buy Norwegian commercial real estate business Sektor Gruppen AS for about 1.5 billion euros (US$1.6 billion). The deal, which is expected to close in July, will make Citycon the largest publicly-listed shopping centre company in the Nordic region and the third largest in continental Europe, said Gazit-Globe, its largest investor. The acquisition will be financed through a 600 million euros rights issue and a bridge financing facility. Canada Pension Plan Investment Board (CPPIB), which acquired a 15 percent stake in Citycon in May 2014, has committed to participate in the rights issue.
25 May 2015•4 mins read
