12. September 2013     Print Print 

Citycon launches a first-of-its-kind digital library at Kista Galleria

Citycon Oyj considers that social and community engagement is a key growth factor. The company is well on its way to implementing several value-added initiatives in its Kista Galleria shopping centre, in Stockholm, with the addition of Kista Idea City, an extensive, state-of-the-art digital library scheduled to open to the public in August 2014. The library is a key element of Citycon’s on-going programme to nurture stronger community ties, apply principles of sustainability, and further strengthen the financial performance of its largest shopping centre. The company acquired Kista Galleria in January of this year together with the Canadian CPPIB. Investments in the project will total 10 million euros.

A joint investment with the City of Stockholm, the 2,400-square-metre library will feature the latest digital technology in addition to traditional books, offering its visitors access to various tablet and other computers, interactive services, and a café.

Today, Citycon held a Capital Market Day event in Stockholm, at which CEO Marcel Kokkeel explained the company’s strategy. „Our recent moves of acquiring Kista Galleria and selectively divesting assets with a valuation premium have led to a much more balanced portfolio, with 90% of the company’s assets in AAA-rated countries. This enables Citycon to concentrate on further improving our business throughout the region,“ he says.

The balance sheet has been significantly strengthened through further diversification of financing sources in 2013, with the company’s equity ratio climbing to 42.7% in the first half, up from the 37.8% full-year 2012 figure. This follows a successful 200-million-euro rights issue in March 2013 and the subsequent, equally well-received issuing of a 500-million-euro unsecured seven year Eurobond in June.