Citycon reached today an agreement with Skanska to build a new retail
centre in Lentola, Kangasala, some 13 kilometres from downtown Tampere.
The retail centres 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 prices payment
and the titles transfer to Citycon will take place at the time.
The property investment will strengthen Citycons market position and
enhance retail service offerings in the Tampere region.
Helsinki, 29 December 2006
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
Helsinki Stock Exchange