CITYCON OYJ          Stock Exchange Release        20 October 2005 at 8.00
a.m.

Citycon's Board decided on the share offering and the subscription
price

NOT FOR DISTRIBUTION IN THE UNITED STATES, AUSTRALIA, CANADA OR
JAPAN

The Board of Directors ("Board") of Citycon Oyj ("the Company")
resolved in its
meeting of 19 October 2005 to close the bookbuilding process
on 19 October 2005
at 11.20 p.m. and to increase the Company's share capital
by EUR 15,120,000 by
issuing 11,200,000 new shares in a directed share
offering to selected Finnish
and international institutional investors. The
subscription price per share is
EUR 3.08. The purpose of the share offering is
to finance the acquisition of
retail centres located in Åkermyntan, Kallhäll
and Fruängen in Stockholm
Metropolitan Area, Sweden as well as other future
real estate acquisitions.

The Board's decision to increase the share capital
is based on the authorisation
granted by the Company's Annual General Meeting
of 5 April 2005 and on the bids
that have been received on 19 October 2005 in
a bookbuilding process. The
bookbuilding process was closed prematurely, since
the company had received an
adequate number of bids to implement the share
offering. The lead manager of the
offering will inform the investors who have
submitted their bids of the amount of
new shares they have been allocated with
on or about 20 October 2005.

The subscription period will commence on 20
October 2005 at 11.00 a.m. (Finnish
time) and end on 25 October 2005 at 11.00
a.m. (Finnish time). The shares will be
subscribed for by paying the
subscription price. The Board of the Company has
decided that the subscription
price per share is EUR 3.08 taking into account the
bids made and the market
price of the share. The terms and conditions of the
share offering are
enclosed to this release.

The new shares will correspond to 8.96 percent of
the Company's share capital and
voting rights prior to the share offering and
8.22 percent after the offering
provided that the share offering is fully
subscribed for. Bids received in the
offering constituted an oversubscription
of approximately 1.7 times the maximum
number of shares offered. Bids for the
offered shares have been submitted by 27
investors. Some 99 percent of the
offered shares will be allocated to
international investors and one percent to
Finnish investors.

After the subscription price of the shares has been paid,
the Board will make a
decision with respect to the approval of the
subscriptions. The new shares are
expected to be subject to public trading on
the main list of the Helsinki Stock
Exchange as of 27 October
2005.

According to the Board of the Company, no such event has taken place
after the
release of the interim report on 18 October 2005 that would have a
material
effect on the position of the Company.

The lead manager of the
share offering is Kempen & Co, a Dutch investment bank,
based in
Amsterdam.

Helsinki, 19 October 2005

CITYCON OYJ
Board of
Directors

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


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


THIS STOCK EXCHANGE
RELEASE IS NOT AN OFFER TO SELL OR A SOLICITATION OF ANY
OFFER TO BUY THE
SECURITIES OF CITYCON OYJ IN THE UNITED STATES OR IN ANY
OTHER
JURISDICTION.

THE SECURITIES ARE NOT BEING REGISTERED UNDER THE U.S.
SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT") AND MAY ONLY BE
OFFERED OR SOLD IN THE UNITED
STATES OR TO, OR FOR THE ACCOUNT OR BENEFIT OF,
U.S. PERSONS (AS DEFINED IN
REGULATION S UNDER THE SECURITIES ACT) IF
REGISTERED UNDER THE SECURITIES ACT OR
AN EXEMPTION FROM SUCH REGISTRATION IS
AVAILABLE. ANY PUBLIC OFFERING OF
SECURITIES TO BE MADE IN THE UNITED STATES
WILL BE MADE BY MEANS OF A PROSPECTUS
THAT MAY BE OBTAINED FROM THE COMPANY
AND THAT WILL CONTAIN DETAILED INFORMATION
ABOUT THE COMPANY AND MANAGEMENT AS
WELL AS FINANCIAL STATEMENTS.

THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN RECEIPTED UNDER A PROSPECTUS
PURSUANT TO APPLICABLE CANADIAN PROVINCIAL
SECURITIES LAWS ("CANADIAN PROVINCIAL
LAWS") AND MAY NOT BE OFFERED, SOLD OR
OTHERWISE TRANSFERRED, PLEDGED OR
HYPOTHECATED UNLESS AND UNTIL RECEIPTED
UNDER A PROSPECTUS PURSUANT TO APPLICABLE
CANADIAN PROVINCIAL LAWS, SUBJECT TO
APPLICABLE EXEMPTIONS.

THIS RELEASE IS NOT TO BE CONSTRUED AS A DIRECT OR
INDIRECT OFFER CONCERNING THE
POSSIBLE SUBSCRIPTION, PURCHASE OR SALE OF
SHARES. THE SHARE OFFERING HAS NOT
BEEN MADE, AND WILL NOT BE MADE, DIRECTLY
OR INDIRECTLY, IN AUSTRALIA, JAPAN OR
ANY OTHER AREAS IN WHICH THE OFFERING
WOULD BE UNLAWFUL. NEITHER THIS RELEASE NOR
ANY INFORMATION CONTAINED HEREIN
OR DOCUMENTS RELATED TO IT OR TO THE SHARE
OFFERING MAY BE PUBLISHED,
DISTRIBUTED OR FORWARDED BY ANY METHOD TO OR FROM
AUSTRALIA, JAPAN OR ANY
OTHER AREAS IN WHICH IT WOULD BE UNLAWFUL, INCLUDING BY
MAIL, FAX, E-MAIL OR
PHONE. ANY FAILURE TO COMPLY WITH THESE RESTRICTIONS MAY
CONSTITUTE A
VIOLATION OF THE SECURITIES LAWS OF THE APPLICABLE
JURISDICTIONS.


APPENDIX

NOT FOR DISTRIBUTION IN THE UNITED STATES,
AUSTRALIA, CANADA OR JAPAN

CITYCON OYJ'S SHARE OFFERING OCTOBER 2005
TERMS
AND CONDITIONS OF THE OFFERING

The Board of Directors ("Board") of Citycon
Oyj ("the Company") has in its
meeting of 19 October 2005 resolved, in
accordance with the authorisation granted
by the Annual General Meeting of the
Company on 5 April 2005, to increase the
Company's share capital by EUR
15,120,000 on the following terms and conditions:

1. Share subscription and
bids

The share capital will be increased by EUR 15,120,000 by issuing
11,200,000
shares (the "Shares", each a "Share") of the Company with a nominal
value of EUR
1.35. All the Shares will be offered, in deviation from the
shareholders' pre-
emptive subscription right, for subscription by Kempen & Co
and/or institutional
investors named by it and who have submitted their
bids.

2. Subscription price

The subscription price for the Shares amounts
to EUR 3.08 per Share.

3. Time and place of receipt of subscriptions

The
subscription of Shares will be conducted in accordance with the
Finnish
Companies Act Chapter 3a Section 17 by paying the subscription price
in full to
the bank account indicated by the Company.

4. Terms of
payment

The payment of the subscription price of the Shares is to be made
between 20
October 2005 at 11.00 a.m. (Finnish time) and 25 October 2005 at
11.00 a.m.
(Finnish time). The Company's Board may decide to extend the
payment period.

5. Dividend rights and other rights

The Shares subscribed
as a result of the share offering will be entitled to a
full dividend payment
for the financial year commenced 1 January 2005, provided
that the Company's
general meeting decides to distribute dividend. The other
rights attached to
the Shares will take effect once the share capital increase
has been
registered.

The Shares will be issued in the book-entry securities
system.

6. Reasons for deviating from the shareholders' pre-emptive
subscription rights

From the shareholders' pre-emptive subscription right is
deviated, because the
purpose of the share offering is to finance the
acquisition of three retail
centres located in Åkermyntan, Kallhäll and
Fruängen in Stockholm Metropolitan
Area, Sweden as well as other future real
estate acquisitions. The Company's
general meeting has decided that financing
of real estate acquisitions is a
weighty financial reason to deviate from the
shareholders' pre-emptive
subscription right.

7. Undersubscription

In
case of undersubscription, the Company's Board may decide who shall have
the
right, and by what procedure, to subscribe for those Shares that have not
been
subscribed for. The said Shares shall not be offered to any party outside
the
scope of the originally selected investors.

8. Other matters

The
Board of the Company shall decide on the approval of the subscriptions for
the
Shares in its meeting of 25 October 2005. The Board of the Company shall
be
entitled to approve the subscriptions for the Shares in full or in part, or
to
reject such subscriptions.

The Company's Board will decide on other
matters related to the share offering
and the share capital increase as well
as on any practical measures arising
thereof.