CITYCON OYJ CORPORATE PRESS RELEASE 20 November 2020 at 11:00 hours
Citycon has through its subsidiary Kristiine Keskus OÜ acquired the plots at Kotkapoja 1, 3, 5 adjacent to the Kristiine centre's parking lot and is planning real estate development on the acquired land area of 5690 square meters and to the existing property’s parking lot, aiming to further develop Kristiine centre as a multifunctional urban area and connect it even better with public transport hubs.
"The purchase of Kotkapoja plots enables development of the larger area for offices, services, residentials etc., which are closely related to the infrastructure of the shopping centre by forming a unified community. This is also in line with Citycon's densification strategy in the Nordic countries," said Katriina Penttinen, Development Director of Citycon.
Such urban environments help to reduce the car use in Tallinn, by bringing together workplaces, housing, trade, leisure opportunities and high-quality public transport which decreases the load on traffic.
“Kristiine centre is located in the “main traffic artery” of Tallinn which means excellent access by all modes of transport - by train, bus, trolley and car. In the recent years we have also paid much attention to enabling visitors to come to the centre by foot, bike or electric scooter, by creating separate parking facilities for this purpose. The city is also planning a transport transfer hub in the area which will make it even more convenient to move around the area. We would also like to create a better connection with Uus Maailm city district, " said Helen Metsvaht, Commercial Director of Citycon Estonia.
The plots of Kotkapoja have the intended purpose of residential area. The new detailed plan has not been started yet, thus it is too early to talk about construction volumes and more precise plans.
The future development plan of the company also envisages the development of Rocca al Mare, another centre located in Tallinn, into a multifunctional living environment of the region. Rocca al Mare centre in western Tallinn is planning to expand on account of the current parking lot, by building additional shopping as well as office space with the plans to also construct residential premises and a hotel.
Approximately 130 stores on more than 40 000 square meters of business space are operating in Kristiine. Kristiine has 110 different fashion stores and 16 great places to eat. Kristiine is daily visited by about 16 000 people and the centre has a large outdoor, indoor and also a roof parking lot.
For more information, please contact:
Katriina Penttinen, Development Director
Tel. +358 44 552 8200
Helen Metsvaht, Commercial Director of Citycon Estonia
Tel. +372 5076 278
Citycon is a leading owner, developer and manager of urban grocery-anchored shopping centres in the Nordic countries. The total value of the property portfolio managed by Citycon is approximately EUR 4.4 billion. Citycon is the leading shopping centre owner in Finland and among the market leaders in Norway, Sweden and Estonia. Citycon has also established a foothold in Denmark.