CITYCON OYJ Stock Exchange Release 7 June 2007 at 12.45 hrs Citycon has today agreed to acquire the shopping centre Magistral, located in the Mustamäe district of Tallinn, for approximately EUR 16.5 million. Magistral, constructed in 2000, has a leasable area of 9,450 square metres. The shopping centre provides significant opportunities for development and extension and, in connection with the property transaction, Citycon has also agreed on purchasing some 8,500 square metres of building rights for two million euros, provided that the pending change in zoning plan becomes legally valid. Completion of the deal is subject to approval by the Estonian competition and other authorities and is expected to take place by the end of August."Magistral has an excellent location, and it will strengthen Citycon's market position in the Tallinn region as a prime retail property. The shopping centre also offers opportunities for commercial improvements", says Harri Holmström, Vice President, Baltic operations. The location of the shopping centre Magistral, the Mustamäe district of Tallinn, is the city's second-largest district with 64,000 inhabitants, at a distance of five kilometres from downtown Tallinn. The centre houses some 50 stores in three storeys and its anchor tenant is the grocery retailer, Rimi. Other key tenants include Koduextra, Seppälä, Rademar and Tiimari, alongside the very popular bowling alley. In 2006, around 3.6 million customers visited the shopping centre, generating total sales of approximately EUR 16 million. The centre's occupancy rate is 100 per cent. Shopping centre Magistral as a grocery anchored neighbourhood shopping centre suits Citycon's property portfolio well. After closing of the deal, the company owns three shopping centres in the Baltic countries: two in Estonia and one in Lithuania. Helsinki, 7 June 2007 CITYCON OYJ Petri Olkinuora CEO For further information, please contact: Harri Holmström, Vice President, Baltic Operations, mobile +358 40 845 5726 Petri Olkinuora, CEO, mobile +358 400 333 256 Distribution: Helsinki Stock Exchange Major media www.citycon.fi