Finnish retail property manager Citycon said it will buy a 50% share in property management company Espagalleria from Palace Kamp Group. It has also assumed responsibility for the commercial management, including the leasing of retail premises, and marketing of Kamp Galleria, a shopping centre in the heart of Helsinki. The mall is the first retail asset Citycon will manage for an external partner.

Espagalleria currently manages the whole of Kamp Galleria's lease portfolio.

The Kamp Galleria shopping centre is owned by Ilmarinen Mutual Pension Insurance Company, which also holds the remaining 50% of Espagalleria. Citycon and Espagalleria have signed a premises management agreement, covering the lease of the shopping centre, asset management, commercial management and marketing.

'Citycon is the market leader in Finnish shopping centre business and this alliance with Ilmarinen is a clear sign of trust in our commercial competence. Kamp Galleria is an excellent addition to Citycon's shopping centre portfolio,' said Harri Holmström, acting vice president, Finnish Operations.

He added: 'Citycon can now offer its Finnish tenants the possibility to expand from Helsinki City Centre into the local and the downtown shopping centres of Finland's largest towns. We are therefore confident that this agreement will also be advantageous to our other shopping centres' market positions and leasing activity.'