Citycon, the Finnish unit of Israel’s Gazit-Globe, has paid €1.5bn to acquire Sektor Gruppen, a Norwegian owner of shopping centres.
The deal elevates Citycon to second place in terms of ownership of shopping centres in Norway, and is part of its strategy to expand in the Nordic countries. The company is looking at acquisitions in Denmark, specifically Copenhagen, to complement the one shopping centre it already owns there.
Chaim Katzman, chairman of Gazit-Globe, said the European market offered better returns than the US, and that the company was focusing on the Czech Republic and Poland, in addition to the Nordic countries.
