Release 12 January 2010 at 16.15 EET
Citycon Oyj will build a new shopping centre in Myllypuro, Helsinki. In
addition, 255 rented and right-of-residence apartments, all privately financed,
will be built in conjunction with the shopping centre, as well as an underground
parking hall with 270 places. The shopping centre will have a prime location
right next to the Myllypuro metro station.
The total cost of the Myllypuro project will exceed EUR 60 million, Citycon's
share of the forthcoming shopping centre and parking hall accounting for EUR 20
million. Citycon's share will be financed from its existing liquid assets.
Citycon has sold all of the housing associations connected with the shopping
centre to ICECAPITAL Housing Fund II Ky, Asuntosäätiö and Ilmarinen Mutual
Pension Insurance Company. Each housing investor will be responsible for the
construction and rental of its own apartments.
The new shopping centre's gross leasable area will be roughly 7,300 square
metres. Its service offering will include grocery stores, plus restaurants and
various health care and well-being related services, such as a pharmacy. Public
services will also be available. Over 60 percent of the premises have so far
been let.
Construction work will get underway at the beginning of March. The shopping
centre will be completed in phases, with the first part opening in the early
summer of 2011 and the second phase a year later, in 2012.
The Myllypuro shopping centre project is in line with Citycon's growth strategy,
involving the active development of premises in prime locations.
"Markedly improving retail and other service provision within the Myllypuro
area, the new shopping centre will represent the positive development of the
entire district," affirms Jukka Posti, Vice President, Property Development,
Citycon.
For further information, please contact:
Petri Olkinuora, CEO
Tel. +358 20 766 4401 or mobile +358 400 333 256
petri.olkinuora@citycon.fi
Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com
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