Good point. Should I buy some in the morning, just to be safe? 
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Now Iâve received a response from Cityconâs IR regarding this. It seems to be just a technical change: âGazit Globe has previously transferred shares between nominee-registered and direct shareholdings. These are relatively common events and may be related to some of Gazit Globeâs financing arrangements. Transfers between different custody accounts do not oblige them to make management transaction notifications to the Financial Supervisory Authority.â
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Thanks for the clarification. It wouldnât have been easy to find the answer on my own.
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Thanks for the interesting picture.
When I calculate the per-shopping-center figures from this, they seem to be slightly decreasing. For Citycon, I wouldnât be worried about this, as they focus on really good locations. Here, too, âlocation locationâŠâ applies, as it does elsewhere in the real estate business.
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I noticed something quite interesting, is this new or have I just been blind? 
So in practice, CPP can prevent Gazit from buying the entire Citycon without a hefty premium (though our pension companies probably wouldnât have given it up for free either). Of course, Gazit can flag over 50%, but it wonât get to 90% at the current price.
E: It seems Citycon is holding a CMD today
Interestingly, I noticed:
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âIn the short term, Cityconâs new management aims to maximize the value of the companyâs current properties.â
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âIn the long term, our goal is to be an owner and developer of mixed-use urban properties.â
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"We already have some residential units, but we have significant opportunities to increase the share of residential and office properties in our portfolio. "
Is Citycon going to start buying office properties in the centers of large cities
Currently, the return on Citycon has been approx. 12% (including dividends) since I started my investment âcareerâ in early winter 2017.
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Alright, the flagship project is finally moving forward.
Another noteworthy point I noticed is that Gazitâs tender offer for Atrium did not go through.
So they tried to buy at âŹ3.75/share when EPRA NAV was âŹ5.05.
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Should I jump on this ride, itâs come down quite nicely? 
I sold earlier at âŹ9.30, Iâm tempted to buy back at the same price.
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For me, Citycon is a clear dividend stock. It produces a steady return four times a year. Now the dividend yield is probably 6.9%. According to Inde, Citycon is neither cheap nor expensive compared to other European shopping centre companies. Citycon has quite good shopping centres, not only in Finland but also in other Nordic countries. A possible redemption by Gazit (when ownership exceeds 50%) has been discussed, but Iâm not counting on it. It would be a shame, though, if yet another Finnish company disappeared from the lists. The loan-to-value ratio slightly weakened from the target, so some arrangements might be coming. But it shouldnât be anything extraordinary. In my opinion, itâs an okay company.
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@Elina_A I mainly invest in dividend stocks. It also fits well into the portfolio with the others. Youâre right, itâs a shame when everything is bought out of the stock market. But of course, good companies are also coming to replace them. 
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How else do you see the completion of these new shopping centers from Cityconâs perspective? I mean in Helsinki, is it significant for them?
Looks like Citycon got rid of the Arabia shopping center, which would have had geographical proximity to Redi and Tripla, so it probably doesnât really matter. I havenât updated my Citycon knowledge in a while since I donât own any shares.
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If you truly want to own a quality shopping center company, you should look towards Canada. Brookfield Property Partners (BPR) is an example, owning one of the highest-quality portfolios in North America.
Hardly any Finnish real estate companies generate much enthusiasm. Many have now been bought out, but the problem for all of them has been insufficient critical mass and scale. For every small renovation and acquisition, theyâre seeking money and issuing new shares at an already low (for good reason) valuation.
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I donât see a big risk from these. So far theyâve been far enough apart. For West Espoo residents, for example, Iso Omena is close, and Redi or Tripla are unlikely to attract anyone from here other than Pasila commuters. Otherwise, they are quite far away.
Citycon has had a good principle in its own acquisitions and development projects. They mainly buy properties with grocery stores that are traffic hubs. They also consider services important.
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Thanks for the tip 
Iâll check it out.
With Citycon, whatâs nice is that you can concretely follow at least some of these investments. Iâm more of an owner than just a speculative investor. With Citycon, I was also interested in the fact that they are involved elsewhere than in Finland, i.e., quoting their website, they are âthe leading owner and developer of shopping centers in the Nordicsâ.
Also, the fact that the main owner Gazit is just under 50% is not a bad indicator. An owner with the best visibility into the company wants to buy more⊠They have clearly been hungry to buy more, but so far havenât wanted to go over the redemption threshold.
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Yep, in addition to Citycon, my portfolio includes EPR, BPYReit, and MPW. Iâm also following DLR + O.
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Any informed comments on Cityconâs bond sale? @Jesse_Kinnunen? Apparently, the interest rate was somewhat expected, not all were sold, but do these often go undersubscribed anyway?
The hybridâs interest rate seems expensive to an amateurâs eye.
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The interest rate of approximately 4.5% was slightly higher than our previous estimate (3.5-4%). To my knowledge, real estate companies have not previously issued green hybrid bonds of this kind in the Nordics, so I cannot provide a direct comparison. The issuance was carried out through a book-building process, meaning investors submitted bids specifying the terms under which they were willing to subscribe to the hybrid bond. The company then decided on the issuance and pricing based on these bids. The maximum estimate was EUR 400 million, and they decided to issue EUR 350 million. They certainly could have raised EUR 400 million if they had wanted to. Below is our earlier comment on the financing arrangement: Citycon harkitsee vihreÀn hybridilainan liikkeeseenlaskua - Inderes
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Itâs probably impossible to find out who subscribed to the loan, isnât it? In principle, wouldnât the main owner get a return bypassing minority shareholders if they subscribed to the loan?
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As far as I understand, the subscribers will not be known until the loan is issued and listed on the stock exchange (22.11). In principle, the main owner could get a return from the hybrid that bypasses other owners, but an annual interest rate of 4.5% is not great compared to, for example, Cityconâs dividend yield, which is currently around 7%. I do not consider it likely that Gazit would subscribe to this hybrid and settle for such a low return (Gazit is a real estate investor itself). It would be a different matter if the hybridâs interest rate were, for example, 8-10%, then Gazit might consider subscribing.
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