Citycon starts the Martinlaakso shopping centre development project
Citycon Oyj starts to build a new shopping centre in Martinlaakso, Vantaa,
Finland. The new shopping centre has a central location in Martinlaakso, in the
immediate vicinity of railway and bus stations. The existing old retail property
will be demolished prior to commencing construction work.
Citycon will invest approximately EUR 26.3 million in the shopping centre to be
built, which will have a gross leasable area of 7,300 square metres of retail
premises and parking facilities for 475 cars. The new Martinlaakso shopping
centre will be part of Citycon's Partners in Everyday Life shopping centre
cluster: its offering will mainly focus on groceries and other daily necessities
as well as on local services. The shopping centre will house grocery stores
S-market and Lidl, a pharmacy as well as bank services and cafes. The new
Martinlaakso shopping centre will be opened in September 2011.
Citycon has today sold the building right of 5,000 square meters for apartments
which will be built on top of the shopping centre to Skanska Talonrakennus Oy.
The selling price was EUR 2.3 million. In addition, Citycon receives a one-off
compensation of EUR 1.1 million from the City of Vantaa for the commuter parking
facility investment.
Martinlaakso in Vantaa is a lively and growing suburb in the Helsinki
Metropolitan Area, just 20 minutes by train from the Helsinki CBD. There is
clearly demand for a new shopping centre. "The old shopping centre to be
demolished is both technically and commercially outdated. The new shopping
centre will improve and broaden Martinlaakso's retail offering considerably and
increase Citycon's market share," says Jukka Posti, Citycon's Property
Development Director.
Helsinki, 19 May 2010
CITYCON OYJ
Petri Olkinuora
Chief Executive Officer
For further information, please contact:
Petri Olkinuora, CEO
Tel. +358 20 766 4401 or mobile +358 400 333 256
petri.olkinuora@citycon.fi
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