CITYCON OYJ Corporate Press Release 14 September 2022

Asker municipality announced the new zoning plan for Trekanten and Asker city centre. The approval of Trekanten redevelopment plan signals a significant milestone in the realization of the Trekanten project highlighting a great potential for further development in one of the most populated areas in Norway.

The new zoning plan for Trekanten and Asker city centre was announced by Asker municipality 13 September 2022. Leading up to this milestone there has been constructive dialogue between Citycon, the municipality, neighbours and other stakeholders since the submission of the initial redevelopment plan in June 2021. In line with the strategy Citycon will develop Trekanten into a necessity-based mixed-use urban hub as an integral part of Asker city centre.

“We are excited about the new Asker municipality zoning plan which entails an approval of our redevelopment plan, evolving Trekanten from a shopping centre into urban hub with meeting places for people in the community, offices for businesses and public bodies, and a hotel for travellers”, says Erik Lennhammar, Chief Development Officer at Citycon.

The redevelopment plan for Trekanten and Asker city centre includes a hotel, offices, healthcare and municipal services and F&B offerings. Trekanten will open up to its surrounding area and at the same time introduce new outside squares and passages for people to thrive. Trekanten will be more integrated with the municipal cultural centre, public service plaza and public library all of which are the next-door neighbours.

“We are thankful for the positive dialogue with the various stakeholders in Asker through the process, one which we hope will continue going forward. I am convinced that the approved plans for Trekanten and Asker city centre will strengthen Asker as a meeting place as it will be the heart of the community for generations to come in Asker”, says Dag Helge Setekleiv, Development Director at Citycon.

Asker is one of the most populated municipalities in Norway, located outside Oslo. Asker is Norway’s fifth largest transportation hubs with the train and busses closely connected to Asker city centre. The catchment area is characterised by growth and strong purchasing power. Asker has a stable demographic structure, and its population is expected to increase in the years to come.

“We will now go ahead with the next phases of the project, planning the details together with the municipality, neighbours and suppliers. Our ambitions for Trekanten are still the same as we want to develop a beacon project when it comes to sustainability”, says Setekleiv.

Facts about the project:

Increased area:
- Hotel: approx. 10,000 sqm
- Office/health: approx. 15,000 sqm
- Retail/service/dining: approx. 2,000 sqm

For further information, please contact:

Investor relations:

Sakari Järvelä, VP, Corporate Finance and Investor Relations

Tel. +358 50 387 8180

Media inquiries:

Dag Helge Setekleiv, Development Director at Citycon
Tel. +47 988 70 388

Daniel Sellevoll, Senior Communications Manager at Citycon
Tel. +47 959 71 597

Citycon is the leading owner, developer and manager of multipurpose urban centres. Our centres in key urban areas combine retail, office premises and housing with well-functioning traffic connections. We are committed to sustainable property maintenance, and the total value of the property portfolio in the Nordic countries managed by Citycon is approximately EUR 4.5 billion. Our centres offer grocery goods, health care services and other services that cater to the daily needs of our customers.

Citycon has investment-grade credit ratings from Moody's (Baa3) and Standard & Poor's (BBB-). Citycon’s shares are listed on NASDAQ Helsinki Ltd.

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