releases

Eastern European Markets
Citycon opens third phase of Rocca Al Mare, Estonia's largest shopping centre

NEWS RELEASE
November, the13th 2009

Citycon opens third phase of Rocca Al Mare, Estonia's largest shopping centre

Citycon Oyj is opening the third phase of the Rocca Al Mare shopping centre located in Tallinn. The opening will mark the completion of the shopping centre's three-year refurbishment and extension project. Rocca Al Mare is Estonia's largest shopping centre, providing a total of 53,500 square metres of leasable area and playing host to some 160 stores.

"The newest part now inaugurated is fully leased and the entire shopping centre's lease status is excellent, as evidenced by its occupancy rate of 99%", rejoices Harri Holmström, Vice President, Baltic operations.

At present, Rocca Al Mare has been extended by some 9,000 square metres. The new part includes a large shoe retail cluster with ten different shoe stores occupying an area of more than 2,000 square metres. The extension also markedly increases the restaurant services offered by Rocca. The third main theme of the extension is beauty and wellbeing and, for instance, the Estonian I.L.U chain will introduce its largest store in the shopping centre.

Located eight kilometres from the heart of Tallinn, Rocca Al Mare has established a firm role among both locals and tourists visiting Estonia. Enhanced access is ensured by a direct, free-of-charge bus connection from the ferry terminals to Rocca Al Mare. Rocca is home to many prime brands, including Ivo Nikkolo and New Yorker stores. It also hosts the only Marks & Spencer in Estonia and the largest Prisma department store in the Baltic countries.

Citycon is seeking the international Leed (Leadership in Energy and Environmental Design) certification for Rocca Al Mare, as confirmation of its taking environmental issues into account during the shopping centre's building stage. Thus far, no building in the Baltic countries has been awarded the Leed certification. Among Citycon's shopping centres, Trio in Lahti, Finland, is Leed certified and for Liljeholmstorget Galleria in Stockholm, Sweden, the certification is pending.

Rocca Al Mare forms a strong retail entity. While all investments thus far decided have been carried out, the shopping centre can still be further extended by some 4,000 square metres in the future. "We have the capability to launch a new extension rapidly, if necessary", states Holmström.

Citycon has invested a total of some EUR 120 million in the Rocca Al Mare project.

About Citycom:
Citycon is an active owner and long-term developer of shopping centres, laying the foundation for a successful retail business. Citycon's retail properties serve both consumers and retailers. The company takes into account environmental interests and the wellbeing in the areas surrounding its retail properties.
The market leader in the Finnish shopping centre business, Citycon also has a strong position in Sweden and a firm foothold in the Baltic countries. Citycon owns a total of 33 shopping centres and 50 other retail properties. www.citycon.com

Further information:
Petri Olkinuora, CEO
Tel +358 20 766 4401 or +358 400 333 256
petri.olkinuora (at) citycon.fi

www.citycon.com


Compiler´s choice - More News Releases

Archive 2005. News Releases