Citycon Oyj
Kämp Galleria Shopping Centre to be Managed by Citycon

Citycon Oyj 

18.02.2011 10:21
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CITYCON OYJ Press Release 18 February 2011

Citycon Oyj has assumed responsibility for the commercial management -
including the leasing of retail premises - and marketing of Kämp Galleria, a
shopping centre in the heart of Helsinki. Citycon will also be responsible for
developing the ongoing (re)development project's commercial concept. Kämp
Galleria is the first shopping centre Citycon manages for an external partner. 

In addition, Citycon will buy a 50 per cent share in Espagalleria Oy, from
Palace Kämp Group. Espagalleria manages the whole of Kämp Galleria's lease
portfolio. The shopping centre itself is owned by Ilmarinen Mutual Pension
Insurance Company, which also holds the remaining 50 per cent of Espagalleria. 

Citycon and Espagalleria have signed a premises management agreement, covering
the lease of the shopping centre, asset management, commercial management and
marketing, all on customary terms. Maintenance of the shopping centre premises
is not included. 

Kämp Galleria is a top-level property in downtown Helsinki, situated between
the high shopping streets of Aleksanterinkatu and Pohjoisesplanadi. As
Finland's only deluxe shopping centre, it is a very strong, nationally known
brand. Kämp Galleria's offerings focus on leading international and domestic
fashion chains, as well as high quality cafeteria and restaurant services. 

'Citycon is the market leader in Finnish shopping centre business and this
alliance with Ilmarinen is a clear sign of trust on our commercial competence.
Kämp Galleria is an excellent addition to Citycon's shopping centre portfolio',
comments Harri Holmström, Acting Vice President, Finnish Operations. 'Citycon
can now offer its Finnish tenants the possibility to expand from Helsinki City
Centre into the local and the downtown shopping centres of Finland's largest
towns. We are therefore confident that this agreement will also be advantageous
to our other shopping centres' market positions and leasing activity.' 

Leading the Finnish property market for shopping centres, Citycon is a top
professional in its field. From now on, the Kämp Galleria development project
and the shopping centre's everyday commercial management will benefit from this
expertise. 'We are convinced that we can strengthen Kämp Galleria's position to
become the leading shopping centre in Helsinki city centre. The offering of the
shopping centre will become more versatile and for this reason, it will attract
new tenants to enter Finland. Additionally, we are delighted to have found a
new partner in one of Finland's most highly regarded investors', says
Holmström. 

For further details, please contact:

Citycon Oyj, Jukka Vakula, tel. +358 40 761 7287

Ilmarinen Mutual Pension Insurance Company, Tomi Aimonen, tel. +358 50 366 7501
News Source: NASDAQ OMX



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Language:     English
Company:      Citycon Oyj
              
               
              Finland
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Internet:     
ISIN:         FI0009002471
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End of Announcement                             DGAP News-Service
 
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