divestments

Myyrmanni, Koskikeskus and Trio, classified as a related-party transaction and approved by the independent directors on 12 August. 

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

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.

Sitowise has agreed to sell its Swedish subsidiary, Sitowise Sverige AB, to engineering and consulting giant Sweco, marking a significant step in the Finnish engineering consultancy’s efforts to improve profitability and sharpen its strategic focus.

The transaction follows several years of challenges in the Swedish market, where weak construction activity, intense competition and declining demand weighed heavily on performance. In 2025, the Swedish business generated net sales of €26.3 million and employed around 265 people, but remained loss-making despite extensive restructuring efforts.

The sale comes less than a year after Sitowise recorded a €39.6 million goodwill impairment related to its Swedish operations, reflecting lower expectations for the business's future earnings potential. Since then, management has implemented cost reductions, reorganized operations and strengthened sales efforts, creating what it describes as the conditions necessary for a successful divestment.

Under the agreement, Sweco will acquire the entire Swedish consulting business for an enterprise value of around €3 million. The deal also includes a potential earn-out of up to €2 million linked to long-term lease liabilities, payable between 2027 and 2029 if certain conditions are met.

Summa Defence has divested its renewable energy subsidiary Rasol Oy to the company’s management for EUR 5,000, down from the acquisition price of EUR 3.9 million two and a half years ago, marking the first concrete move in the strategic review the defence technology group announced last week.

The review covers IntLog Oy, Lightspace Group Inc and its subsidiaries, Aquamec Oy, and Rasol Oy. In a press release today, CEO Robert Blumberg said the process is intended to support Summa Defence’s long-term strategy, strengthen its capital structure, and accelerate growth in its defence businesses.

Sold for EUR 5,000

The sale price for Rasol could be described as modest since just over two years ago, Rasol was acquired at a valuation of roughly EUR 3.9 million.

However, Summa Defence said all intercompany debts between Rasol and the group will be settled in connection with the transaction.

As a result of the sale, the company expects to recognize an impairment of about EUR 2 million in its full-year 2025 results. After the impairment, the carrying amount of group goodwill will be around EUR 167 million.

Renewable energy business remained weak

Rasol supplies and installs solar power systems, battery packs, and air source heat pumps in Germany, Denmark, and France.

The company generated EUR 2.7 million in revenue in 2025, down from EUR 3.1 million in 2024. EBIT remained negative at EUR -0.2 million in both years. Rasol employs around 15 people, all of whom will transfer to the buyer.

Weak profitability in renewable energy operations had already appeared in Summa Defence’s latest business review. The company reported that its Renewable Energy business posted an operating loss of EUR -2.7 million during January–September 2025.

CapMan Buyout X Fund has agreed to sell Forenom Group Oy, a leading Nordic provider of serviced apartments, to a consortium led by Bravedo, a Finnish people and technology services group.

The transaction marks the final exit of the private equity buyout fund managed by CapMan and established in 2012, the PE asset management company announced today. 

CapMan Buyout invested in Forenom in 2016 and supported its growth and internationalization across the Nordic region. During Capman's ownership, Forenom tripled its sales and expanded from a Finnish company into a pan-Nordic player. The company now operates more than 9,000 serviced apartments, aparthotels, and hostel rooms across major Nordic cities and Germany, with over 30 local offices and more than 500 employees. 

“As we enter our next growth phase, Bravedo’s ownership provides us with even stronger opportunities to enhance our services, scale our operations, and meet the growing needs of our customers,” says Jussi Saarinen, CEO of Forenom.