On 12 August 2026, Citycon Oyj's board approved the divestment of three Finnish shopping centres — Myyrmanni in Vantaa, Koskikeskus in Tampere and Trio in Lahti — at an appraisal value of approximately €422.6m, based on the 30 June 2026 valuation.
The buyer is Noga Finland Retail Properties Oy, which Citycon's release describes as controlled by the shareholders of G City Ltd. G City and its subsidiary Gazit Europe Netherlands B.V. held approximately 89.68 per cent of Citycon at the time. Citycon classified the transaction as a related-party transaction deviating from the ordinary course of business, and states that the independent board members approved it.
Completion is expected in the second half of 2026, conditional on a public offering of securities in Noga Retail Properties Ltd. and other customary conditions. Citycon may provide vendor financing of up to €84.5m at market terms, and retains asset and property management of the three centres after closing, for which it will receive management and success fees.
The numbers
Appraisal value of the three centres | approx. €422.6m |
Against the 28 May LOI | approx. €400m at 31 March 2026 book value |
Vendor financing Citycon may provide | up to €84.5m — about a fifth of the price |
G City + Gazit at approval / after 31 August | 89.68% |
Separate related-party facility, 13 May | up to €200m mutual on-call loan, repayable 15 February 2028 |
Governance and ownership
The transaction is the third disclosed related-party item between Citycon and its controlling owner in four months.
13 May — Citycon's board approved a mutual on-call loan facility of up to €200m with G City, repayable by 15 February 2028, at interest set on arm's-length terms by an independent pricing agent. The release notes G City is Citycon's parent and a related party, and states the facility was approved unanimously by the independent board members.
28 May — Citycon signed a non-binding letter of intent for the divestment of Finnish centres at a book value of around €400m as at 31 March 2026.
12 August — The board approved the sale of the three centres at approximately €422.6m, again by decision of the independent board members.
The parking dispute, in date order
One of the three centres is at the centre of a public dispute in Finland this summer. The sequence, as reported:
July 2026 — Citycon cut free parking at Myyrmanni from two hours to one. Free parking was also shortened to one hour at Iso Omena and Lippulaiva in Espoo; a K-Citymarket merchant told Länsiväylä the conduct was classless.
8 August — Espoo City Council chair Jarno Limnéll wrote in Länsiväylä that Citycon should re-evaluate the decision and enter genuine dialogue with entrepreneurs and customers, noting Iso Omena houses a library, pharmacy and health centre.
12 August — The board approved the sale of all three centres.
14 August — MP Mia Laiho, chair of the Länsi-Uusimaa wellbeing services county board, called for Citycon to come to the negotiating table over the one-hour limit at Iso Omena.
4 September — Citycon extended free parking at Myyrmanni to 90 minutes. No change in Espoo
These are separate decisions by the same company in the same weeks.
What to watch
Completion of the €422.6m divestment depends on the public offering of Noga Retail Properties Ltd. securities, and the timing of that offering determines whether the transaction closes before or after Citycon leaves the exchange. G City commenced compulsory redemption proceedings on 2 September, and Finnish redemption proceedings ran to a determined redemption price. The delisting application follows as soon as it is permitted under applicable law.
