Shearman & Sterling has advised Citycon Oyj in connection with its approximately €600 million rights issue.
Citycon intends to use the proceeds from the rights issue for the financing in part of the €1.47 billion acquisition of the Norwegian shopping center company Sektor Gruppen AS and the related early redemption by Sektor of its outstanding bonds.
Citycon is a leading owner, manager and developer of urban grocery-anchored shopping centers in the Nordic and Baltic region. Citycon has a market capitalization of €1.8 billion and total assets under management of approximately €3.4 billion. Citycon is the number one shopping center owner in Finland and Estonia, one the market leaders in Sweden and has also established a foothold in Denmark.