Citycon to Extend the Rocca al Mare Shopping Centre in Tallinn, Estonia
Citycon will start the extension of the Rocca al Mare shopping centre, originally
acquired in the summer 2005. The project includes a construction of an extension
and a refurbishment of the existing shopping centre. The cost of the first phase
of the extension and refurbishment project totals approximately EUR 25 million
and will expand the leasable area of the centre by approximately 16,000 square
metres. The development project, which is planned to be carried out in phases,
amounts to roughly EUR 68 million.
Citycon acquired Rocca al Mare as a value enhancing opportunity. The first phase
of the project will commence immediately and is expected for completion in the
spring of 2008. This involves the relocation of the shopping centre's anchor
tenant, hypermarket Prisma, to new, larger premises. Planning the second and
third phases is underway. If the current plans materialise, a fully renovated
Rocca al Mare is expected to be opened in spring 2010. The project will be
carried out in an ecologically friendly manner.
The goal of the construction project is to develop Rocca al Mare into an even
more attractive shopping centre for the versatile clientele. The plans include
increasing the number of diverse and modern stores as well as opening a premium
quality food court. The share of trendy fashion will be increased. The renovation
will also involve opening new children's clothing and toy stores. Rocca al Mare
is situated in the Haabersti quarter approximately ten kilometres from downtown
Tallinn.
The Baltic region, one of Citycon's three business areas, forms a strategically
significant growth area for the company. The refurbishment and extension project
of Rocca al Mare will strengthen Citycon's market position in Estonia, forming
one of the largest development investments in Citycon's history.
Helsinki, 8 February 2007
CITYCON OYJ
Board of Directors
For further information, please contact:
Harri Holmström, Vice President, Baltic operations
(mobile) +358 40 845 5726
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
(mobile) +358 400 333 256
Distribution:
Helsinki Stock Exchange
Major media
www.citycon.fi