Finnish listed retail specialist Citycon said on Friday that it has signed a seven-year unsecured term loan facility with OP-Pohjola Group for a minimum committed amount of EUR 50 mln. The loan agreement includes an additional uncommitted seven-year term loan facility for a maximum amount of EUR 25 mln that can increase the total loan amount to a maximum of EUR 75 mln.

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

'The facility structure would further diversify our sources of debt financing,' commented executive vice president and CFO Eero Sihvonen.