Citycon invests €38.9 mln. for Rocca al Mare development project's final phase (EE)

Citycon continues its development and redevelopment project of the shopping center Rocca al Mare in Tallinn, Estonia, and will invest a total of €38.9 mln. in its second and third phases.

This development project, started in February, includes the construction of an extension and the redevelopment of the existing shopping center. The total capital expenditure on this shopping center will be approximately €130 million, consisting of a total of €68 million development investment and the initial acquisition cost.

Phase one of the project now underway is expected to be completed, as planned, in the spring of 2008. Phases two and three will be commenced immediately and the plan is to open the fully renovated shopping centre Rocca al Mare ahead of schedule in fall 2009.

Rocca al Mare is one of Citycon's pilot projects in the sustainable development of its properties, which the company's regards as an area of increasing importance in property management. In the development project special attention is paid to recycling and energy consumption. Durable and re-usable alternatives are favoured when selecting building materials.

Citycon's goal is to transform Rocca al Mare into an increasingly attractive shopping center for its versatile clientele. The plans include increasing of a larger number of diverse and modern stores together with premium quality food court. The share of trendy fashion will be increased and a number of new children's clothing and toy stores as well as shops selling leisurewear will be opened at the refurbished shopping center.

The Rocca al Mare Shopping Centre is located in the Haabersti district of Tallinn, one of city's wealthiest areas, approximately 10 kilometres from the city center. Upon completion, Rocca al Mare will be the largest shopping center in Tallinn with 53,500 m².

Source: Hugin

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