shopping centre Rocca al Mare in Tallinn, Estonia, and will invest a
total of EUR 38.9 million in its second and third phases. This
development project, started in February, includes the construction
of an extension and the redevelopment of the existing shopping
centre. The total capital expenditure on this shopping centre will be
approximately EUR 130 million, consisting of a total of EUR 68
million development investment and the initial acquisition cost.
Phase one of the project now underway is expected to be completed, as
planned, in the spring of 2008. Phases two and three will be
commenced immediately and the plan is to open the fully renovated
shopping centre Rocca al Mare ahead of schedule in fall 2009.
Rocca al Mare is one of Citycon's pilot projects in the sustainable
development of its properties, which the company's regards as an area
of increasing importance in property management. In the development
project special attention is paid to recycling and energy
consumption. Durable and re-usable alternatives are favoured when
selecting building materials.
Citycon's goal is to transform Rocca al Mare into an increasingly
attractive shopping centre for its versatile clientele. The plans
include increasing of a larger number of diverse and modern stores
together with premium quality food court. The share of trendy fashion
will be increased and a number of new children's clothing and toy
stores as well as shops selling leisurewear will be opened at the
refurbished shopping centre.
The Rocca al Mare Shopping Centre is located in the Haabersti
district of Tallinn, one of city's wealthiest areas, approximately 10
kilometres from the city centre. Upon completion, Rocca al Mare will
be the largest shopping centre in Tallinn with its 53,500 square
meters.
The Baltic Countries, one of Citycon's three business areas, form a
strategically significant growth area for the company. This
development and redevelopment project of Rocca al Mare will
strengthen Citycon's market position in Estonia and is one of the
largest development investments in the company's history.
Helsinki, 11 December 2007
CITYCON OYJ
Board of Directors
For further information, please contact:
Harri Holmström, Vice President, Baltic Operations
GSM +358 (0)40 845 5726
Petri Olkinuora, CEO
Tel. +358 (0)9 6803 6738 or GSM +358 (0)400 333 256
Distribution:
OMX Nordic Exchange Helsinki
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www.citycon.fi