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News Jul 17, 2015

Shearman & Sterling Advises Citycon Oyj on €600 Million Rights Issue

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.

The Shearman & Sterling team of lawyers in the firm’s London office was led by Capital Markets partner David Dixter and included associates Ellen Shiels and Elena Dzhurova, as well as associate Nicholas Withers.