Citycon to redevelop Koskikeskus shopping center in Tampere (FI)

Citycon Oyj has begun a redevelopment of Koskikeskus shopping center in downtown Tampere, Finland. The shopping center's redevelopment project covers all retail premises owned by Citycon.

The shopping center's gross leasable area will increase by 1,500 m² due to the alteration work in the interior. The total leasable retail area of Koskikeskus will be approximately 28,600 m² after the project. The redevelopment starts immediately and the completely redeveloped Koskikeskus will open in November 2012. Koskikeskus will remain open during the entire duration of the project. Citycon will invest €37.9 million in the redevelopment project.

The interior of the shopping center, the entrances, facades and all the technical systems will be thoroughly renewed. This includes the installation of an environmentally friendly cooling system, which is based on the cooling power of the nearby Tammerkoski rapids.

The retail offering of Koskikeskus will be significantly diversified and following the redevelopment the shopping center will better meet the expectations of the demanding downtown customer. The retail mix of Koskikeskus will focus more on fashion and versatile restaurant services.

"Koskikeskus has an excellent location right in the city center of Tampere. Our project is a prime example of our commitment to the future of city centers as destinations for leisure and shopping. We aim to further strengthen Koskikeskus' position as the leading shopping center in Tampere and increase its value.

"The Tampere region is, just like the Helsinki Metropolitan Area, an area of strong growth. Its growing population of 350,000 has high purchasing power which generates significant retail demand," says EVP, Finnish Operations, Michael Schönach, and continues: "After the redevelopment project, Koskikeskus will offer several retail brands that are new to Tampere, or even to Finland."

Koskikeskus is Citycon's fourth largest shopping center in Finland and it offers over 80 different retail stores and services. The shopping center was built in 1988 and it was previously partly refurbished in 1995. In 2010, Koskikeskus generated sales of €115.7 million from a footfall of 5.8 million visitors. Both numbers are expected to increase after the completion of the redevelopment.

Source: GlobeNewswire

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