Pro Kapital sells Kristiine Shopping Centre to Finns for EUR 105 million
18.03.2011, 09:59Real estate developer Pro Kapital yesterday sold its Kristiine Shopping Centre in Tallinn to Finnish real estate group Citycon for approximately EUR 105 million.
The shopping mall is Tallinn’s second-largest shopping centre and has 42,600 sqm of gross leasable area. The deal is expected to close during the first half of 2011 and is subject to approval by the Estonian competition authorities.
“As the developer, owner and operator of two shopping centres in Tallinn, Rocca al Mare and Magistral, Citycon welcomes Kristiine to its portfolio. Kristiine is a well-known and successful shopping centre with 170 stores and high quality tenants”, states Harri Holmström, Citycon’s vice president for Baltic operations.
Kristiine Shopping Centre is located on one of the main transportation corridors in the city centre of Tallinn and has a large catchment area of 270,000 inhabitants.
Major anchors include Prisma and Marks & Spencer. Built in phases in 1999 and 2002, Kristiine was expanded last autumn by more than 12,000 square metres which strengthened the shopping centre’s tenant mix and offering.
Following the acquisition, Citycon will own and manage a total of 35 shopping centres and 46 other retail properties in Finland, Sweden, Estonia and Lithuania. In Tallinn it also owns Rocca al Mare shopping centre.