Published: 2003-02-27 12:00:56 CET
Citycon Oyj
Company Announcement
CITYCON DEVELOPS ITS PROPERTY ASSETS ? I
Citycon Oyj        Stock exchange bulletin 27 February 2003 at 
              
    13.00pm	

CITYCON DEVELOPS ITS PROPERTY ASSETS – ISOKARHU SHOPPING CENTRE
TO 
UNDERGO A €10M EXTENSION

Meeting today, Citycon Oyj's Board of
Directors approved a plan to 
extend the Isokarhu Shopping Centre in Pori. The
investment is 
worth EUR 10 million. The proposed extension will increase the

lettable surface area at the shopping centre by almost 40 per 
cent.
Construction work will start in April this year and the 
extension is expected
to be completed by August 2004. The required 
amendment to the town plan has
already been ratified. 

The extension aims at consolidating Isokarhu's
market position, to 
increase the number of shopping centre visitors and
annual sales 
and to raise Citycon's net rental returns. The Pori-based
Isokarhu 
Shopping Centre is fully owned by Citycon. 

Sales at Isokarhu in
2002 amounted to EUR 25 million. Citycon 
expects the extension project to
further boost annual sales at the 
shopping centre by EUR 8 million.
Subsequent to the extension, the 
total lettable area at the shopping centre
will be 12,930 square 
metres. The extension will further consolidate
IsoKarhu's market 
position in centre of Pori. 

The investment will be
funded using the loan facility signed in 
2002.

Most of the new retail
premises in the extension are already let 
to tenants representing various
sectors of the retail trade. Major 
tenants in the extension are Intersport,
KappAhl, Top Sport, 
Tiimari and Veromoda.  

"The Isokarhu extension
project is an excellent example of 
Citycon's customer-driven approach to
enhance its property assets. 
As a company specialising in retail premises, we
have strong 
market insight and expertise. We want to offer our clients

developable retail premises solutions and to act as their long-
term
partner," notes Citycon CEO Petri Olkinuora. 


Citycon Oyj

Further
information from: CEO Petri Olkinuora, tel. +358 (0)400 
333 256, head of
Citycon's Shopping Centres Division Antti Uski, 
tel. +358 (0)400 445
290

Distribution: Helsinki Exchanges and main media