Citycon opens first phase of Tallinn shopping centre

Finnish property company Citycon said on Wednesday that its Rocca al Mare shopping centre has opened the first of its new sections. The development project consists of three phases and completion is expected in December 2009. As a result of this project, Citycon now owns over a quarter of the Tallinn shopping centre market.

Citycon will invest some EUR 68 mln in the Rocca al Mare development. The contractor is Skanska. The development project will extend the life cycle of Rocca al Mare, which was completed ten years ago.

'All the premises in the new section have been rented and the demand has remained good,' said Harri Holmström, vice president, Baltic Operations.

Rocca al Mare is one of Citycon's pilot projects in sustainable real estate development, which the company sees as an increasingly important part of property management. Special attention will be paid to environmental issues, such as recycling and energy consumption. When selecting building materials, sustainable and recyclable alternatives will be preferred.

'Green thinking is just taking root in Estonia. Citycon is a pioneer in following the principles of sustainable construction in the Rocca al Mare development,' added Holmström.