Citycon Oyj              Stock Exchange Release      3 June 2005 at 3:30
pm

Citycon will develop a new shopping centre in Hervanta, Tampere
Citycon
will develop a new shopping centre in Hervanta, a district of the city
of
Tampere. Hervannan Liikekeskus Oy, a company in which Citycon now has a
holding
of 75 per cent, will be a part of the new shopping centre. Gross
leasable area of
the new building will be about 8,300 square metres. The total
gross area of the
shopping centre will be about 31,400 square metres with a
total gross leasable
area of roughly 15,500 square metres. About 450 parking
spaces will be built
under and on the street level to serve the customers of
the shopping centre.

The owner of the new building will be a real estate
company called Kiinteistö Oy
Kauppakeskus Tampereen Hermanni, which is a
wholly-owned subsidiary of Citycon.
The shopping centre will house three
grocery stores, numerous specialty stores,
service businesses as well as
restaurants and cafes.

The new shopping centre will after its completion
serve approx. 35 000
inhabitants in its catchment area and the people working
in the numerous offices
in the neighboring area. The new city district of
Vuores to be established next
to Hervanta will also utilize the commercial
services of the future shopping
centre.

Change in the city plan required by
the project became legally binding in May
2005 and an application for building
permit is expected to be submitted during
June. Citycon has today signed an
agreement on the purchase of the land required
for the expansion from the city
of Tampere for a purchase price of EUR 1.75
million. The final execution of
the deal requires that the decisions made by the
city of Tampere will become
legally valid.

The total investment in the project is estimated to amount to
approx. EUR 25.3
million and the net yield of the shopping centre is estimated
to exceed 8 per
cent. The expansion is planned to be opened in spring
2007.

The total gross leasable area of the current Hervanta commercial
centre amounts
to approx. 7,200 square metres, of which Citycon holds roughly
5,000 square
metres. Citycon's main lessees in the current premises are Kesko,
Spar and
Nordea. The centre will continue operating during the whole
construction period
uninterrupted.

Citycon is the market leader for
shopping centre business in Finland. Citycon
owns a total of 16 shopping
centres in the Helsinki Metropolitan Area and in
other regional centres in
Finland and, as planned, as of 1 July 2005 Åkersberga
Shopping Centre located
in the Stockholm Metropolitan Area in Sweden.

In addition to shopping
centres, Citycon owns 128 supermarkets and shops in
Finland. The fair value of
the company's entire property portfolio on 31 March
2005 was EUR 736.4
million, of which shopping centres account for 60.8 per cent
and supermarkets
and shops for 39.2 per cent.

Helsinki 3 June 2005

Citycon Oyj
Board of
Directors

For more information, please contact:
Petri Olkinuora, CEO
tel.
+358 400 333 256
petri.olkinuora@citycon.fi

Carl Slätis, Head of Property
Development Division
tel. +358 40 560
7522
carl.slatis@citycon.fi


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