Citycon Sold Non-core Properties

Citycon has today signed an agreement to sell 76 non-core properties to a Kenmore
Property Group Limited fund. The debt-free sale price of the properties is EUR 74
million. The gain on sale is EUR 7.5 million in accordance with IFRS, based on
fair values on 31 March 2006. The positive impact of the transaction to the
company's 2006 EPS is approximately EUR 0.02 and to 2006 profit approx. EUR 3.8
million. All of the sold-off properties with a gross leasable area of 77,000
square meters are located in Finland. Closing is expected to take place by the
end of September 2006.

This transaction is in line with Citycon's announcement in February to consider
the divestment of its non-core properties, following investor interest and
favourable market situation. After the sale, the company will continue to
concentrate on Citycon's core business that consists of shopping centres,
supermarkets and other large retail units in line with the company's strategy in
Finland, Scandinavia and the Baltic countries.

The company intends to use the proceeds of the sale to finance announced
acquisitions.

After the transaction Citycon's Supermarkets and Shops portfolio will consist of
51 properties in Finland. In addition, Citycon owns a total of 19 shopping
centres in the Helsinki Metropolitan Area and other regional centres of Finland,
and after closing of the Stenungstorg and Jakobsberg Centre acquisitions eleven
shopping and retail centres 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.

'The sale of our non-core properties will further sharpen Citycon´s strategy to
focus on shopping centres and other large retail centres. After the sale Citycon
will be able to focus more resources on improving and developing its centres as
well as increasing the number of shopping centres in the portfolio', says CEO
Petri Olkinuora.

Helsinki, 20 July 2006

CITYCON OYJ
Board of Directors

For further information, please contact:
Petri Olkinuora, CEO, tel. +358 9 6803 6738 or
mobile +358 400 333 256

Harri Holmström, Chief Investment Officer
mobile +358 40 845 5726

Distribution:
Helsinki Stock Exchange
Major media
www.citycon.fi

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