Citycon strengthens its position in Sweden

CITYCON OYJ Stock Exchange Release 23 Nov. 2005 at 3.00 p.m. Citycon strengthens its position in Sweden On 23 November 2005 Citycon Oyj has agreed to acquire Lindome Retail Centre in the Greater Gothenburg area, Sweden. The deal is expected to close on 3 January 2006. The centre's debt free purchase price amounts to SEK 74.5 million (EUR 7.8 million) and the net yield at the time of the acquisition to approx. 7.3 per cent. Citycon is actively seeking for and reviewing additional investment opportunities in the region to enhance its geographical presence in growth areas in the Greater Gothenburg area. Lindome Retail Centre is a neighbourhood shopping centre located about 15 kilometres south of the city centre of Gothenburg in the popular and rapidly growing Lindome residential area in the Municipality of Mölndal. The gross floor area of the centre totals 7,642 square metres, most of it retail premises. Anchor tenant is ICA (KVANTUM). Lindome Retail Centre is Citycon's first acquisition in the Gothenburg economic region following previous acquisitions in the Stockholm Metropolitan Area. The transactions relate to Citycon's expansion strategy in Scandinavia and the Baltic countries and strengthen Citycon's position in the Swedish real estate market. Helsinki, 23 November 2005 CITYCON OYJ Board of Directors For further information, please contact: Petri Olkinuora, CEO, tel. +358 9 6803 6738 or mobile +358 400 333 256 Distribution: Helsinki Stock Exchange Main news media www.citycon.fi

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