CITYCON OYJ Stock Exchange Release 15 Sept. 2006 at 12.30 p.m.

Citycon to Launch an Extension and Refurbishment of Åkersberga Centrum in Sweden

Citycon's Board of Directors has today approved an investment proposal of around
SEK 247 million (around EUR 27 million) concerning the extension and
refurbishment of the Åkersberga shopping centre in the Stockholm Metropolitan
Area, Sweden. The project will involve extending the leasable area of the
shopping centre by approximately 9,000 square metres, modernising the existing
premises, and developing the shopping centre's service structure.

In July 2005, Citycon acquired 75 per cent of the company (currently called
Åkersberga Centrum AB) owning the Åkersberga shopping centre from Armada
Fastigheter AB, owned by the Österåker municipality. The extension and
refurbishment project has been prepared in close collaboration with the Österåker
municipality and Armada Fastigheter AB. The project will be implemented by
Åkersberga Centrum AB. The total investment of the project will be about SEK 329
million (around EUR 36 million).

The project will be implemented in stages. The first stage will include
alterations to the current shopping centre, and the extension project will begin
during the first half of 2007. The project will be completed during the spring of

Following the refurbishment and extension project, Åkersberga Centrum's leasable
area will total approximately 26,000 square metres. In addition, the company owns
flats with a total area of around 12,000 square metres. More residential
premises, totalling around 5,800 square metres, will be built adjacent to the
shopping centre later.

The Åkersberga shopping centre forms an important part of the Österåker municipal
centre, located about 30 kilometres from downtown Stockholm, with some 37,000
people currently living within its catchment area. Åkerberga is a growth centre
where the population and number of jobs are predicted to increase considerably.

'Our aim is to make Åkersberga Centrum a cosy shopping centre for residents of
the growing Österåker municipality that better caters for customer needs. The
shopping centre will provide an ever-widening range of services for the daily
needs close to home,' states Petri Olkinuora, Citycon Oyj's CEO.

Helsinki, 15 September 2006

Petri Olkinuora

For further information, please contact:
Kaisa Vuorio, Head of Division, Shopping Centres
mobile +358 500 667 227

Petri Olkinuora, CEO
tel. +358 9 6803 6738 mobile +358 400 333 256

Citycon is the Finnish market leader in the shopping centre business. It owns a
total of 19 shopping centres in the Helsinki Metropolitan Area and other regional
centres of Finland, and twelve shopping centres and retail properties in the
Stockholm and Gothenburg regions in Sweden. In the Baltic countries, Citycon owns
the Rocca al Mare shopping centre in Tallinn, Estonia and Mandarinas shopping
centre in Vilnius, Lithuania.

In addition to the shopping centres, Citycon owns 127 supermarket and retail
premises in Finland.

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