CITYCON OYJ             STOCK EXHANGE RELEASE   16 December 2004 at 9.00
a.m.


CITYCON'S SHARE CAPITAL INCREASE BASED ON STOCK OPTIONS

A total of
228,500 new Citycon shares with a nominal value of EUR 1.35 per share
were
subscribed in November. exercising the A/B/C options based on the
company's
stock option plan 1999. The corresponding share capital increase,
EUR 308,475 was
entered in the Trade register today. The new shares will be
traded on the
Helsinki Exchanges' Main list together with the old shares as of
17 December
2004.

The 228,500 shares were subscribed at a per-share
subscription price of EUR 1.54.
Each share entitles to one vote. The new
shares entitle their holders to a
dividend for the financial year 2004. Other
shareholder entitlements became
effective today.

After the increase the
registered share capital of Citycon Oyj is EUR
156,655,833.30 and the total
amount of shares is 116,041,358.

Helsinki, 16 December 2004

CITYCON
OYJ

Petri Olkinuora
CEO

For further information, please contact:
Petri
Olkinuora, CEO, tel. +358 9 6803 6738 or
+358 400 333 256