Citycon to expand ÿkersberga Centrum shopping centre in Stockholm>
Citycon to expand ÿkersberga Centrum shopping centre in Stockholm
(Thomson Reuters ONE) - CITYCON OYJ Stock Exchange Release 7 July 2009 at 14.15 hrsCitycon has decided to expand and refurbish the ÿkersberga Centrumshopping centre situated in the Greater Stockholm area. The costestimate for the construction project totals approximately SEK 467million, or approximately EUR 44 million, of which Citycon's share is75 per cent.The leasable area of the shopping centre will increase byapproximately 13,000 square metres while the premises of the oldshopping centre will be renewed and an additional 350 new parkingspaces built. Construction work will start in this summer and therefurbished shopping centre, which will remain open during the entireconstruction project, will be completed in 2011."ÿkersberga Centrum, offering both commercial and public services,will grow into the true centre of the ÿsteråker municipality, whichhas a strong purchasing power. Over the last few years, the number ofinhabitants in the municipality has increased and is expected do soin the future. However, the offerings of available retail serviceshave not increased alongside demand, and now we wish to meet thisdemand.Approximately 75 per cent of the project's new leases have alreadybeen signed, and significantly lower construction costs were also onefactor in deciding upon the construction project during the current,challenging economic situation," comments Ulf Attebrant, VicePresident, Swedish operations.Citycon owns 75 per cent of ÿkersberga Centrum, the second ownerbeing the real estate company Armada Fastigheter AB, owned by theÿsteråker municipality. Citycon acquired the shopping centre in 2005.The total investment is approximately SEK 467 million (approximatelyEUR 44 million). ÿkersberga Centrum's owners, Citycon and ArmadaFastigheter AB, re-invest the proceeds from the divestment ofÿkersberga Centrum's apartments to the redevelopment project (SEK 181million). Citycon's share of the development investment is 75 percent and Armada Fastigheter AB's 25 per cent.Citycon owns 8 shopping centres and 7 other retail properties inSweden. The refurbishment and expansion of ÿkersberga Centrum willstrengthen the company's position on the Stockholm region shoppingcentre market.Helsinki, 7 July 2009CITYCON OYJPetri OlkinuoraCEOFor further information, please contact:Petri Olkinuora, CEOTel. +358 20 766 4401 or mobile +358 400 333 256petri.olkinuora(at)citycon.fiUlf Attebrant, Vice President, Swedish operationsTel. +46 8 5228 0313ulf.attebrant(at)citycon.comDistribution:NASDAQ OMX HelsinkiMajor mediawww.citycon.comThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Bereitgestellt von Benutzer: hugin
" alt="Citycon sells 181 apartments in ÿkersberga Centrum>">
" alt="Directorate change>">Datum: 07.07.2009 - 13:15 Uhr
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