CITYCON OYJ Stock Exchange Release 8 Feb. 2007 at 15:30
Citycon to Build a Shopping Centre in Liljeholmen, Stockholm
Citycon will start a shopping centre project in Liljeholmen, Stockholm. This
investment, totalling approximately EUR 110 million, in addition to EUR 60.6
million paid for the site, is Citycon's largest individual development project at
present. Construction will begin in May 2007 after the required building
permission is confirmed, and the new shopping centre is expected to open in
October-November 2009. Citycon will pay special attention to ecological aspects
throughout the planning and construction process.
Citycon acquired the Liljeholmen property in August 2006. The property today is a
mixed-use 20,000 square-metre office-commercial building with building rights for
retail use. The project is located in downtown Stockholm next to a major train
station. The existing building will undergo a considerable extension and
renovation resulting in a new shopping centre totalling approximately 91,000
square metres, including an underground parking space. Retailers will account for
approximately 27,000 square metres of the leasable area. The Liljeholmen centre
will provide a wide variety of services for people in this growing district.
Summary
Total area, m² 91,000
Leasable area, m² 77,800
Retail premises, m² 27,000
Residences, m² 6,100
Office premises, m² 12,300
Parking facility, m² 32,400
Number of shops and restaurants ca 80
The Liljeholmen district in proximity to the city centre will see the
construction of homes for 6,000-7,000 people in the next few years according to
the City of Stockholm's estimates. New office buildings to be built in the area
will also offer the same number of jobs.
"The possibility to develop a shopping centre in a dynamic district close to
downtown Stockholm presents a unique opportunity for Citycon. This new shopping
centre will strengthen Citycon's market position further in Sweden, particularly
in the Stockholm area, while the project supports the company's growth strategy
and is a highly significant investment in the development of its operations.
Citycon's strategy is to enhance value through proactive management, development
and redevelopment of shopping centres", comments Petri Olkinuora, CEO of Citycon
Oyj.
Helsinki, 8 February 2007
CITYCON OYJ
Board of Directors
For further information, please contact:
Ulf Attebrant, Vice President, Swedish operations,
mobile +46 703 415 317
Petri Olkinuora, CEO
mobile +358 400 333 256
Distribution:
Helsinki Stock Exchange
Major media
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