Helsinki-listed shopping centre developer-owner Citycon has signed a EUR 50 mln unsecured floating rate term loan facility with Pohjola Bank. The loan will mature in five years.

Citycon said the new term loan will strengthen the company's available liquidity and provides means to finance growth with the help of long-term financing. The proceeds from the credit facility will be used to finance strategic investments such as shopping centre redevelopment projects and refinance maturing debt.

'The facility was arranged successfully, demonstrating Citycon's ability to finance its growth as planned in cooperation with our relationship banks. The total fixed financing cost for five years after an interest rate swap was below 4%, and clearly below the last reported weighted average interest rate of Citycon,' noted executive vice president and CFO Eero Sihvonen.