Citycon has decided to expand and refurbish the Åkersberga Centrum
shopping centre situated in the Greater Stockholm area. The cost
estimate for the construction project totals approximately SEK 467
million, or approximately EUR 44 million, of which Citycon's share is
75 per cent.

The leasable area of the shopping centre will increase by
approximately 13,000 square metres while the premises of the old
shopping centre will be renewed and an additional 350 new parking
spaces built. Construction work will start in this summer and the
refurbished shopping centre, which will remain open during the entire
construction project, will be completed in 2011.

"Åkersberga Centrum, offering both commercial and public services,
will grow into the true centre of the Österåker municipality, which
has a strong purchasing power. Over the last few years, the number of
inhabitants in the municipality has increased and is expected do so
in the future. However, the offerings of available retail services
have not increased alongside demand, and now we wish to meet this

Approximately 75 per cent of the project's new leases have already
been signed, and significantly lower construction costs were also one
factor in deciding upon the construction project during the current,
challenging economic situation," comments Ulf Attebrant, Vice
President, Swedish operations.

Citycon owns 75 per cent of Åkersberga Centrum, the second owner
being the real estate company Armada Fastigheter AB, owned by the
Österåker municipality. Citycon acquired the shopping centre in 2005.

The total investment is approximately SEK 467 million (approximately
EUR 44 million). Åkersberga Centrum's owners, Citycon and Armada
Fastigheter AB, re-invest the proceeds from the divestment of
Åkersberga Centrum's apartments to the redevelopment project (SEK 181
million). Citycon's share of the development investment is 75 per
cent and Armada Fastigheter AB's 25 per cent.

Citycon owns 8 shopping centres and 7 other retail properties in
Sweden. The refurbishment and expansion of Åkersberga Centrum will
strengthen the company's position on the Stockholm region shopping
centre market.

Helsinki, 7 July 2009

Petri Olkinuora

For further information, please contact:
Petri Olkinuora, CEO
Tel. +358 20 766 4401 or mobile +358 400 333 256

Ulf Attebrant, Vice President, Swedish operations
Tel. +46 8 5228 0313

Major media

Read the latest about what's going on