CITYCON DEVELOPS ITS PROPERTY ASSETS ? I

Stock exchange releases - 27 February 2003

13.00pm 

CITYCON DEVELOPS ITS PROPERTY ASSETS – ISOKARHU SHOPPING CENTRE TO
UNDERGO A €10M EXTENSION

Meeting today, Citycon Oyj's Board of Directors approved a plan to
extend the Isokarhu Shopping Centre in Pori. The investment is
worth EUR 10 million. The proposed extension will increase the
lettable surface area at the shopping centre by almost 40 per
cent. Construction work will start in April this year and the
extension is expected to be completed by August 2004. The required
amendment to the town plan has already been ratified.

The extension aims at consolidating Isokarhu's market position, to
increase the number of shopping centre visitors and annual sales
and to raise Citycon's net rental returns. The Pori-based Isokarhu
Shopping Centre is fully owned by Citycon.

Sales at Isokarhu in 2002 amounted to EUR 25 million. Citycon
expects the extension project to further boost annual sales at the
shopping centre by EUR 8 million. Subsequent to the extension, the
total lettable area at the shopping centre will be 12,930 square
metres. The extension will further consolidate IsoKarhu's market
position in centre of Pori.

The investment will be funded using the loan facility signed in
2002.

Most of the new retail premises in the extension are already let
to tenants representing various sectors of the retail trade. Major
tenants in the extension are Intersport, KappAhl, Top Sport,
Tiimari and Veromoda.

"The Isokarhu extension project is an excellent example of
Citycon's customer-driven approach to enhance its property assets.
As a company specialising in retail premises, we have strong
market insight and expertise. We want to offer our clients
developable retail premises solutions and to act as their long-
term partner," notes Citycon CEO Petri Olkinuora.

Citycon Oyj

Further information from: CEO Petri Olkinuora, tel. +358 (0)400
333 256, head of Citycon's Shopping Centres Division Antti Uski,
tel. +358 (0)400 445 290

Distribution: Helsinki Exchanges and main media

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