Citycon to start the (re)development of Mölndal Galleria in Gothenburg

Citycon and NCC take the next step with the (re)development of the new shopping centre Mölndal Galleria. The investment project will begin its construction phase in August now that the zoning has gained legal force.

Mölndal Galleria will have about 70 shops with a leasable area of 24,000 square metres and 830 parking spaces. More than half of the space has already been leased and tenants include several major chains such as H&M, Systembolaget and Lindex as well as a large Ica grocery store.

"We clearly note Mölndal Galleria’s attractiveness and that there is a great deal of interest in establishing shops and concepts. Already three years ahead of the opening, more than half of the spaces have been leased, which proves that the shopping centre responds well to the needs of retailers and customers. The shopping centre will have a good mix of large chains and smaller, local shops”, says Nils Styf, Citycon’s Chief Investment Officer.

On 9 September 2014 Citycon announced that it has entered into a joint venture with NCC for the (re)development of Mölndal Galleria.  Citycon will purchase NCC’s 50% share after the project is completed making Citycon’s total investment around EUR 120 million. The new shopping centre is scheduled to open in 2018.

"We are very excited about our partnership with NCC, which is also constructing SCA's new head office and 145 new apartments on behalf of Riksbyggen in Mölndal. Together, we are developing a sustainable and attractive city centre in Mölndal”, says Styf.

“We have now reached this milestone together. From the Municipality’s side, we are happily looking forward to what is coming: Mölndal’s new city centre”, says Marie Östh Karlsson, Chairman of the municipality’s Executive Committee.


Helsinki, 29 June 2015

CITYCON OYJ

For further information, please contact:
Nils Styf, Chief Investment Officer
Tel. +46 733 50 60 39
nils.styf@citycon.com

Citycon Oyj (Nasdaq Helsinki: CTY1S) is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic and Baltic regions, managing assets that total EUR 3.4 billion and with a market capitalisation of approximately EUR 1.8 billion. For more information about Citycon, please visit www.citycon.com