CITYCON OYJ     STOCK EXCHANGE ANNOUNCEMENT   1 August 2005 at 0.55
p.m.

Citycon's Board approved share subscriptions related to its share
offering

The Board of Directors of Citycon Oyj ("the Company") has approved
in its meeting
on 1 August 2005 the share subscriptions made for the
12,000,000 shares issued in
connection with the Company's directed share
offering. The Board of Directors
decided to register the share capital
increase in the Trade Register and to apply
for admission to public trading of
the new shares on the main list of the
Helsinki Stock Exchange together with
the Company's other shares in the same
share class. Public trading of the new
shares is estimated to commence on 3
August 2005.

As a result of the
directed share issue the share capital of the Company will
increase by EUR
16,200,000 and will, upon registration of the share capital
increase, amount
to EUR 168,426,928.80 consisting of 124,760,688 shares. All the
shares
subscribed in connection with the directed share offering have been paid
in
full and entitle, as of the financial period commenced on 1 January 2005,
to
dividends (if any) to be distributed in the future. Such shares entitle to
other
rights attached to the shares in the Company as of the registration of
the share
capital increase.

Helsinki, 1 August 2005

CITYCON OYJ
Board
of Directors

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


Distribution:
Helsinki Stock
Exchange
Main news media
www.citycon.fi