Citycon Oyj - Company Announcement

Citycon redevelops Espoontori shopping centre

CITYCON OYJ                     Stock Exchange
Release                              14 January 2010 at 11.25 hrs


Citycon Oyj is to begin the redevelopment of the Espoontori shopping centre,
located in Espoo, Finland. The shopping centre's premises of 10,400 m² and its
parking facilities will undergo a major refurbishment and modernisation in order
to meet current customer needs.

Based on the company's existing sources of financing, Citycon will invest EUR
18 million in this project.

Construction work will begin immediately, the shopping centre premises being
completed in phases. Once refurbished, the ground floor of the shopping centre
and the Ruokakesko grocery store located there will be opened, at the end of
May. The entire shopping centre will open at the beginning of December 2010.
There are also plans to extend Espoontori, once the commercial prerequisites are
in place."Espoontori has a prime location in Espoo's administrative centre, the home of
the city's key public authorities. A large number of additional dwellings have
been, and are being, built in the area. The shopping centre's offering and
premises will fulfil the needs of present-day consumers. Through this
redevelopment, we intend to enhance Espoontori's competitive position and
commercial appeal. Citycon's strategy involves the improvement and extension of
shopping centres under its ownership," affirms Jukka Posti, Vice President,
Property Development.


CITYCON OYJ

For further information, please contact:
Petri Olkinuora, CEO
Tel. +358 20 766 4401 or mobile +358 400 333 256
petri.olkinuora@citycon.fi

Distribution:
NASDAQ OMX Helsinki
Major media
www.citycon.com




[HUG#1373464]