Citycon Oyj Stock exchange bulletin 27 February 2003 at
CITYCON DEVELOPS ITS PROPERTY ASSETS ISOKARHU SHOPPING CENTRE
UNDERGO A 10M EXTENSION
Meeting today, Citycon Oyj's Board of
Directors approved a plan to
extend the Isokarhu Shopping Centre in Pori. The
worth EUR 10 million. The proposed extension will increase the
lettable surface area at the shopping centre by almost 40 per
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
and to raise Citycon's net rental returns. The Pori-based
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
position in centre of Pori.
The investment will be
funded using the loan facility signed in
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
market insight and expertise. We want to offer our clients
developable retail premises solutions and to act as their long-
partner," notes Citycon CEO Petri Olkinuora.
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
Distribution: Helsinki Exchanges and main media