Citycon continues expanding in Sweden

Stock exchange releases - 16 December 2005


Citycon continues expanding in Sweden

On 16 December 2005 Citycon Oyj has signed an agreement to acquire four retail
centres located in Backa, Hindås, Landvetter and Floda in the Greater Gothenburg
area, Sweden. The closing is expected to take place in February 2006. Debt free
purchase price of the properties amounted to SEK 239.0 million (approx. EUR 25.4
million) and the annual net yield to 7.2 per cent at the time of the signing.

Leasable area of the acquired retail centres totals 25,709 square meters and
the average occupancy rate amounts to 96 per cent.
All properties are located in rapidly growing areas within 35 kilometres from
downtown Gothenburg. The properties are well established neighbourhood shopping
centres housing also public services.

The acquisition of the retail centres follows the acquisition of Lindome retail
centre in Greater Gothenburg area announced by Citycon in November. The
acquisitions are in line with Citycon's strategy to expand its business in
Scandinavia and the Baltic countries and will strengthen Citycon's position in
the Swedish real estate market.

Helsinki, 16 December 2005

CITYCON OYJ
Board of Directors

For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
+358 400 333 256
petri.olkinuora@citycon.fi

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