Citycon continues its development and redevelopment project of the 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 Main media www.citycon.fi
Rocca al Mare Development Project's Final Phase Starts with an Additional Investment of EUR 38.9 million
| Source: Citycon Oyj