CITYCON OYJ Stock Exchange Release 22 August 2006 at 1.50 p.m.

Citycon to Acquire Shopping Centre Project in Stockholm, Sweden

Citycon will acquire all shares in Liljeholmsplan Fastighets AB, Liljeholmsplan
Bostadsfastigheter AB and Liljeholmstorget Development Services AB from Doughty
Hanson & Co. These companies own a 20,000m² office and commercial building and
substantial amount of building right for a new shopping centre in Liljeholmen,
Stockholm. The debt-free purchase price is SEK 570 million (EUR 61.9 million).
The closing of the acquisition is expected to take place by mid September.

The aim is to develop a new local shopping centre providing customers with a
diverse range of services. The shopping centre's leasable area will be around
25,000m². ICA already represents the grocery business within the shopping centre,
which also houses municipal health care services. The building will incorporate
flats with a total area of 6,000m² and subterranean parking for approximately 900

With an excellent location close to an underground station in the lively and
dynamic Liljeholmen district on the south side of Stockholm central business
district, this shopping centre will strengthen Citycon's position in Stockholm.
The Stockholm business region is growing vigorously and the Liljeholmen district
close to the city centre will see the construction of homes for 6,000-7,000
people in the next few years. New office buildings to be built in the area will
also offer the same number of jobs.

'Liljeholmen has a splendid location close to the Södermalm district. In
addition, it is an excellent transport hub, thanks to underground and bus
stations and the vicinity of Essingeleden. In this area, Citycon will build a
modern shopping centre for people who reside or will move there,' states Petri
Olkinuora, Citycon Oyj's CEO.

Helsinki, 22 August 2006

Board of Directors

For further information, please contact:
Petri Olkinuora, CEO
Mobile +358 400 333 256

Kaisa Vuorio, Head of Division, Shopping Centres
Mobile +358 500 667 227

Citycon is the Finnish market leader in the shopping centre business. It owns a
total of 19 shopping centres in the Helsinki Metropolitan Area and other regional
centres of Finland, and nine shopping and retail centres in the Stockholm and
Gothenburg regions in Sweden. In the Baltic countries, Citycon owns the Rocca al
Mare shopping centre in Tallinn, Estonia and the Mandarinas shopping centre in
Vilnius, Lithuania.

In addition to shopping centres, Citycon owns 127 supermarket and retail premises
in Finland.

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