Citycon to Acquire Shopping Centre Magistral in Tallinn, Estonia

Stock exchange releases - 7 June 2007


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

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Helsinki Stock Exchange
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