Citycon to Build a New Retail Centre in Lentola in Kangasala

Stock exchange releases - 29 December 2006


Citycon reached today an agreement with Skanska to build a new retail
centre in Lentola, Kangasala, some 13 kilometres from downtown Tampere.
The retail centre’s leasable area totals around 12,000 square metres,
of which approximately half will be leased to
Tokmanni Oy, based on a long-term lease. The project investment totals
around EUR 16.6 million and initial net yield on the investment will be
7.0 per cent.

Negotiations are currently underway over the lease of other premises
within the retail centre.
The new retail centre will be opened during the autumn of 2007.
The purchase price’s payment
and the title’s transfer to Citycon will take place at the time.

The property investment will strengthen Citycon’s market position and
enhance retail service offerings in the Tampere region.

Helsinki, 29 December 2006

CITYCON OYJ
Petri Olkinuora
CEO

For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
(mobile) +358 400 333 256

Jyrki Karjalainen, Property Development Director
Mobile: +358 40 502 5400

Distribution:
Helsinki Stock Exchange
Major media
www.citycon.fi