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2009-07-07 13:15:00 CEST 2009-07-07 13:16:53 CEST REGULATED INFORMATION Citycon Oyj - Company AnnouncementCitycon to expand Åkersberga Centrum shopping centre in StockholmCITYCON OYJ Stock Exchange Release 7 July 2009 at 14.15 hrs Citycon has decided to expand and refurbish the Åkersberga Centrum shopping centre situated in the Greater Stockholm area. The cost estimate for the construction project totals approximately SEK 467 million, or approximately EUR 44 million, of which Citycon's share is 75 per cent. The leasable area of the shopping centre will increase by approximately 13,000 square metres while the premises of the old shopping centre will be renewed and an additional 350 new parking spaces built. Construction work will start in this summer and the refurbished shopping centre, which will remain open during the entire construction project, will be completed in 2011."Åkersberga Centrum, offering both commercial and public services, will grow into the true centre of the Österåker municipality, which has a strong purchasing power. Over the last few years, the number of inhabitants in the municipality has increased and is expected do so in the future. However, the offerings of available retail services have not increased alongside demand, and now we wish to meet this demand. Approximately 75 per cent of the project's new leases have already been signed, and significantly lower construction costs were also one factor in deciding upon the construction project during the current, challenging economic situation," comments Ulf Attebrant, Vice President, Swedish operations. Citycon owns 75 per cent of Åkersberga Centrum, the second owner being the real estate company Armada Fastigheter AB, owned by the Österåker municipality. Citycon acquired the shopping centre in 2005. The total investment is approximately SEK 467 million (approximately EUR 44 million). Åkersberga Centrum's owners, Citycon and Armada Fastigheter AB, re-invest the proceeds from the divestment of Åkersberga Centrum's apartments to the redevelopment project (SEK 181 million). Citycon's share of the development investment is 75 per cent and Armada Fastigheter AB's 25 per cent. Citycon owns 8 shopping centres and 7 other retail properties in Sweden. The refurbishment and expansion of Åkersberga Centrum will strengthen the company's position on the Stockholm region shopping centre market. Helsinki, 7 July 2009 CITYCON OYJ Petri Olkinuora CEO For further information, please contact: Petri Olkinuora, CEO Tel. +358 20 766 4401 or mobile +358 400 333 256 petri.olkinuora@citycon.fi Ulf Attebrant, Vice President, Swedish operations Tel. +46 8 5228 0313 ulf.attebrant@citycon.com Distribution: NASDAQ OMX Helsinki Major media www.citycon.com |
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