The Myllypuro shopping centre held its topping-out party this afternoon. The first shops will open in May of this year, with all construction phases due for completion by May 2012.

 According to Mr. Jan Vapaavuori, Minister of Housing, a shopping centre in the middle of a residential area, with a nearby metro station, serves the goals of urban integration and of locating commercial services where people live. Both Finnish legislation and the Ministry of the Environment are striving to advance these notions.

 – Commerce will always form part of society and the urban structure. Decisions on business location and size are never disconnected from other factors vital to social development. In fact, coupled with other services in the neighbourhood, the Myllypuro shopping centre represents the best in urban planning, declares Mr. Vapaavuori.

 Helsinki expanding in the neighbourhood of Myllypuro

 Mr. Hannu Penttilä, Deputy Mayor of Helsinki, said that Helsinki is increasingly expanding inwards. Well-planned development secures necessary services for residents while facilitating the arrival of new businesses in predominantly residential areas. According to Mr. Penttilä, Helsinki applies the urban infill principle of concentrating new building in the vicinity of good public transport links.

 – The Myllypuro shopping centre is being rebuilt in accordance with all of the above-stated principles. Furthermore, Myllypuro will set the trend for a new Helsinki in the context of World Design Capital Helsinki 2012, states Penttilä.

 Demand for new housing

 As part of the Myllypuro shopping centre complex, as many as 255 new right-of-occupancy and rental dwellings will be built by ICECAPITAL Housing Fund II, Keskinäinen Eläkevakuutusyhtiö Ilmarinen, an insurance company, and Asuntosäätiö, a housing developer. Ms. Anja Mäkeläinen, CEO of Asuntosäätiö, comments that the new homes have aroused great interest, with reservations already placed for almost all 65 of the right-of-occupancy dwellings.

 – I feel that the great interest in our diversifying housing supply is a vote of confidence in Myllypuro and the work we are doing there. By co-operating with multiple operators, we have been able to achieve much more than we would have as individual players, states Ms. Mäkeläinen.

 Neighbourhood shopping centres are back, stronger than ever

 With the rebuilding of the Myllypuro shopping centre, the entire neighbourhood shopping centre concept is making a comeback, in better shape than ever.

 – Although neighbourhood shopping centres are still needed, both their content and look must change to meet today's requirements. This will not happen overnight, but we aim to work hard and consistently towards this goal. In addition to Myllypuro, we have a similar project is Martinlaakso shopping centre, says Mr. Jukka Posti, Citycon’s Property Development Director.

 Mr. Posti points out that Citycon invests 100 million euros per year in developing its real estate.



 For further details contact:

 Jukka Posti, Property Development Director, tel. 040-524 3930


 Facts on the new Myllypuro shopping centre

 Due for completion in early 2012, the Myllypuro shopping centre will consist of five separate buildings. The shopping centre will have a leasable area of 7,300 m2. There will be around 270 parking lots, of which about 230 will be reserved for residents and 40 for commuter parkers. ICECAPITAL Housing Fund II, Keskinäinen Eläkevakuutusyhtiö Ilmarinen, an insurance company, and Asuntosäätiö, a housing developer, will build as many as 255 rental and right-of-occupancy dwellings in the shopping centre complex. Citycon Oyj has full ownership of the Myllypuro shopping centre business premises.

 Citycon is Finland’s largest owner and developer of shopping centres

 Citycon, an active owner and long-term developer of shopping centres, creates the framework for successful retail. Its retail properties serve both consumers and retailers. The company pays special attention to environmental factors and well-being in the areas surrounding its retail properties. Citycon is the market leader in the Finnish shopping centre business, with a strong position in Sweden and a firm foothold in the Baltic countries. The company owns 34 shopping centres and 49 other retail properties.