Estonia, EU – Baltic States, Real Estate

International Internet Magazine. Baltic States news & analytics Tuesday, 16.07.2019, 13:47

Citycon's rental income in Estonia, Finland down 3.5% in Q1

BC, Tallinn, 17.04.2019.Print version
The Finnish operator of shopping centers Citycon, which also owns the Kristiine and Rocca al Mare malls in Estonia, saw its net rental income decrease 3.5 percent to 22.6 million euros in the Estonian and Finnish markets in the first quarter of 2019, reported LETA/BNS.

The drop resulted from the sale of assets not related to the company's main area of business, it appears from the company's interim report. Citycon's net rental income totaled 53.6 mln euros.

Citycon's lease contracts in all markets combined numbered 4,400 with the average leasing charge amounting to 23.3 euros per square meter. The figure was slightly higher in the Estonian and Finnish markets, reaching 25.7 euros per square meter, having also grown by 0.3 euro on year.

The company owns two malls in Tallinn. The total area of the Kristiine mall is 56,800 square meters, which houses 44,00 square meters of leasable area. On average, the Kristiine mall is visited by 7.1 mln people per year.

The total area of the Rocca al Mare mall is 74,600 square meters, 57,600 square meters of which is leasable area. Visitors at the mall number on average 5.5 mln per year.

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