OFFPLAN NEWS

(28.06.2007 )
Finnish real estate Citycon to Build a New Retail Centre in Lentola Finland

Citycon reached today an agreement with Skanska to build a new property Finland retail centre in Lentola, Kangasala, some 13 kilometres from downtown Tampere. The retail centre's leasable area totals around 12,000 square metres, of which approximately half will be leased to Tokmanni Oy, based on a long-term lease. The project investment totals around EUR 16.6 million and initial net yield on the investment will be 7.0 per cent.
 
Negotiations are currently underway over the lease of other premises within the retail centre. The new retail centre will be opened during the autumn of 2007. The purchase price's payment and the title's transfer to Citycon will take place at the time.
 
The  property investment will strengthen Citycon's market position and enhance retail service offerings in the Tampere region.

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