Published: 2003-10-30 12:00:07 CET
Citycon Oyj
Company Announcement
CITYCON BOUGHT THE JYVÄSKYLÄN FORUM SHOP
Citycon Oyj       Stock Exchange Bulletin 30.10.2003, 1.00 p.m.

CITYCON
BOUGHT THE JYVÄSKYLÄN FORUM SHOPPING CENTRE 
Citycon Oyj, a specialist in
retailing premises, bought the 
Jyväskylän Forum shopping centre from If P&C
Insurance Ltd.  
citycon underpin its position in the Finnish commercial
property market. 
The purchasing price of the property was EUR 28.3 million.
The 
deal will be financed with a syndicated loan arrangement and with 
sales
of company-held Citycon shares. The main arranger of the 
syndicated loan is
Nordea Bank Finland Plc and other parties to it 
are Svenska Handelsbanken AB,
Eurohypo AG and HSH Nordbank AG. 

The Jyväskylän Forum shopping centre is in
the centre of Jyväskylä 
and occupies the best business location on a busy
pedestrian 
street. It was visited by more than 8 million customers in 2002

and its total sales were estimated at EUR 45 million. The leasable 
retail
space amounts to approximately 15,000 square metres. At the 
time of the
purchase, the property gives a net yield of 8.3 per 
cent on the purchase
price. Jyväskylän Forum's strong market 
position affords excellent prospects
for developing the property.

The deal will make the 35 tenants currently in
the shopping centre 
customers of Citycon. The shopping centre's biggest
tenant is 
Kesko Corporation, which accounts for roughly a half of the

shopping centre's rental income. The rental occupancy rate of the

commercial facilities in the shopping centre is over 99 per cent.


"Shopping centres are the core of Citycon's business and the 
acquisition
of Jyväskylän Forum is part of the development of 
business and the property
portfolio in line our strategy. By 
owning a number of shopping centres, we
are able efficiently to 
develop their business activities and to strengthen
their position 
on the market," says Citycon's CEO Petri Olkinuora.

Citycon
is the market leader for shopping centre business in 
Finland. After the
acquisition of Jyväskylän Forum, the company 
owns 14 shopping centres in the
Helsinki Metropolitan Area and 
other regional centres in Finland. Citycon
owns also a part of 
Shopping Centre Jyväskeskus in Jyväskylä. 

In addition
to shopping centres, Citycon also owns 133 
supermarkets and shops. The
company's property portfolio will be 
EUR 672,7 million after the transaction,
of which shopping centres 
account for 54.9 per cent and supermarkets and
shops for 45.1 per 
cent.

Citycon Oyj
Board of Directors

Further
information: 
CEO Petri Olkinuora
Tel. +358 9 680 36 738 or 0400 333
256

Shopping Centre Director Kaisa Vuorio
Tel. +358 9 680 36 711 or 0500
667 227 

www.citycon.fi
Distribution: Helsinki Exchanges and main media