Citycon outsources its finance activities related to Nordic Accounting and Lease Administration

CITYCON OYJ Corporate Press Release 13 May 2024 at 10:00 hrs

HELSINKI, May 13, 2024 /PRNewswire/ -- Citycon will outsource its finance activities, specifically those related to Nordic Accounting and Lease Administration, to enhance the scalability and flexibility of its operations in line with evolving business requirements. The vendor for the outsourcing is Staria, a financial services company offering international financial administration services in over forty countries.

With this outsourcing, Citycon aims to align the size and capabilities of the finance organization with the company's future development, ensuring it can adapt to meet the needs at any given time. The outsourcing includes a transfer of people from Nordic Accounting and Lease Administration teams, from Sweden, Finland, Norway and Estonia. The transfer will take place in Q3/2024.

The vendor selected by Citycon for the outsourcing is Staria, a Finnish company that offers global accounting services, ERP consulting services, and BI & Planning solutions in over forty countries through a unique one-stop delivery model. Staria operates in all countries where there are transferring employees.

"We want to continue benefiting from local expertise within our operating countries and are confident that we have identified the ideal partner to maintain and enhance our financial expertise, while ensuring seamless collaboration with Citycon's organization. We are convinced that Staria is the best partner for us and can enable scalability according to our evolving business needs," says Sakari Järvelä, Chief Financial Officer at Citycon.

"We're thrilled to welcome Citycon's esteemed finance team into our fold to enrich our talent pool with highly skilled professionals from the Nordic region. We look forward to providing our new colleagues with a Great Place to Grow at the heart of the industry, and a strong partnership with Citycon going forward," says Sanni Koskela, Staria's Chief People and Culture Officer.

"We are delighted to partner with Citycon and to have their finance team join Staria's family, marking an important milestone on our journey of international growth. I'm excited about what lies ahead for us," says Artti Auramaa, Staria's CEO.

The outsourcing will have no material effect on Citycon's financial performance in 2024.

For further information:
Sakari Järvelä
Chief Financial Officer, Citycon
Telephone [phone]
[e-mail]

Sanni Koskela
Chief People and Culture Officer, Staria
Telephone [phone]
[e-mail]

Citycon is a leading owner, manager and developer of mixed-use real estate featuring modern, necessity-based retail with residential, office and municipal service spaces that enhance the communities in which they operate. Citycon is committed to sustainable property management in the Nordic region with assets that total approximately EUR 4.0 billion. Our centres are located in urban hubs in the heart of vibrant communities with direct connections to public transport and anchored by grocery, healthcare and other services that cater to the everyday needs of customers.

Citycon has investment-grade credit rating from Standard & Poor's (BBB-). Citycon's shares are listed on Nasdaq Helsinki Ltd.

www.citycon.com/

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