Citycon to Redevelop Shopping Centre Koskikeskus in Tampere

Stock exchange releases - 4 May 2011


 Citycon Oyj begins a redevelopment of shopping centre Koskikeskus in downtown Tampere, Finland. The shopping centre’s redevelopment project covers all retail premises owned by Citycon.



 The shopping centre’s gross leasable area will increase by 1,500 square metres due to the alteration work in the interior premises. The total leasable retail area of Koskikeskus will be approximately 28,600 square metres after the project. The redevelopment starts immediately and the completely redeveloped Koskikeskus will open in November 2012. Koskikeskus will remain open during the entire duration of the project. Citycon will invest EUR 37.9 million in the redevelopment project.



 The interior of the shopping centre, the entrances, facades and all the technical systems will be thoroughly renewed. This includes the installation of an environmentally friendly cooling system, which is based on the cooling power of the nearby Tammerkoski rapids.



 The retail offering of Koskikeskus will be significantly diversified and following the redevelopment the shopping centre will better meet the expectations of the demanding downtown customer. The retail mix of Koskikeskus will focus more on fashion and versatile restaurant services.



 “Koskikeskus has an excellent location right in the city centre of Tampere. Our project is a prime example of our commitment to the future of city centres as destinations for leisure and shopping. We aim to further strengthen Koskikeskus’ position as the leading shopping centre in Tampere and increase its value. The Tampere region is, just like the Helsinki Metropolitan Area, an area of strong growth. Its growing population of 350,000 has high purchasing power which generates significant retail demand”, says EVP, Finnish Operations, Michael Schönach, and continues: “After the redevelopment project, Koskikeskus will offer several retail brands that are new to Tampere, or even to Finland.”



 Koskikeskus is Citycon´s fourth largest shopping centre in Finland and it offers over 80 different retail stores and services. The shopping centre was built in 1988 and it was previously partly refurbished in 1995. In 2010, Koskikeskus generated sales of EUR 115.7 million from a footfall of 5.8 million visitors. Both numbers are expected to increase after the completion of the redevelopment.

 

 Helsinki, 3 May 2011



 CITYCON OYJ

 Marcel Kokkeel

 Chief Executive Officer

 

 Further information:

 Michael Schönach, Executive VP, Finnish Operations

 Tel. +358 20 766 4519 or +358 40 356 0909

 michael.schonach@citycon.fi

 

 Marcel Kokkeel, CEO

 Tel. +358 20 766 4521 or +358 40 154 6760

 marcel.kokkeel@citycon.fi

 

 Distribution:

 NASDAQ OMX Helsinki

 Major media

 www.citycon.com

  

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