Citycon will start a shopping center project in Liljeholmen, Stockholm. This investment, totalling approximately €110 million, in addition to €60.6 million paid for the site, is Citycon's largest individual development project at present.
Construction will begin in May 2007 after the required building permission is confirmed, and the new shopping centre is expected to open in October-November 2009. Citycon will pay special attention to ecological aspects throughout the planning and construction process.
Citycon acquired the Liljeholmen property in August 2006. The property today is a mixed-use 20,000-m² office-commercial building with building rights for retail use. The project is located in downtown Stockholm next to a major train station. The existing building will undergo a considerable extension and renovation resulting in a new shopping center totalling approximately 91,000 m², including an underground parking space. Retailers will account for approximately 27,000 m² of the leasable area. The Liljeholmen centre will provide a wide variety of services for people in this growing district.
The Liljeholmen district in proximity to the city center will see the construction of homes for 6,0007,000 people in the next few years according to the City of Stockholm's estimates. New office buildings to be built in the area will also offer the same number of jobs.
"The possibility to develop a shopping center in a dynamic district close to downtown Stockholm presents a unique opportunity for Citycon. This new shopping center will strengthen Citycon's market position further in Sweden, particularly in the Stockholm area, while the project supports the company's growth strategy and is a highly significant investment in the development of its operations. Citycon's strategy is to enhance value through proactive management, development and redevelopment of shopping centers", comments Petri Olkinuora, CEO of Citycon Oyj.