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News » Finnish real estate firm taps Staria for Nordic finance outsourcing

Finnish real estate firm taps Staria for Nordic finance outsourcing

real estate firm taps Staria
Photo from Staria

HELSINKI, FINLAND — In a move to enhance operational scalability, Finnish real estate company Citycon is outsourcing its Nordic accounting and lease administration activities to financial services firm Staria.

Staria to absorb Citycon’s Nordic finance teams

The deal will see Staria take over Citycon’s accounting and lease administration teams in Sweden, Finland, Norway, and Estonia during Q3 2024. Around 50 Citycon employees are expected to transfer to Staria as part of the outsourcing arrangement.

Citycon, which owns and operates 33 urban shopping centers across the Nordics, says the move will allow it to better align its finance capabilities with evolving business needs.

“We want to continue benefiting from local expertise within our operating countries and are confident that we have identified the ideal partner [in Staria],” said Citycon Chief Financial Officer Sakari Järvelä. “Staria… can enable scalability according to our evolving business needs.”

Staria expands global footprint

For Staria, a provider of global accounting, enterprise resource planning (ERP) and business intelligence (BI) services, the Citycon deal represents a significant expansion of its Nordic operations. The Helsinki-based firm already has a presence in over 40 countries through its “one-stop” delivery model.

“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,” said Sanni Koskela, Staria’s Chief People and Culture Officer.

Staria CEO Artti Auramaa hailed the partnership as “an important milestone” for the company’s international growth ambitions.

Citycon is a €67.8 million (US$73.1 million) revenue real estate firm founded in 1988 that employs around 240 people. Its portfolio of urban retail hubs attracts over 120 million visitors annually.

Staria, founded in 2003, is a financial services company with around 400 employees and €48 million (US$51.7 million) in turnover. It has over 500 specialists working across 7 countries.

The outsourcing is not expected to impact Citycon’s 2024 financial performance.

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