Finnish property firm Citycon has said it will invest EUR 39 mln in the second and third phases of the redevelopment of the Rocca al Mare shopping centre in the Estonian capital of Tallinn. Citycon's total investment in the mall will be about EUR 130 mln, consisting of a EUR 68 mln development investment and the initial acquisition cost.
Finnish property firm Citycon has said it will invest EUR 39 mln in the second and third phases of the redevelopment of the Rocca al Mare shopping centre in the Estonian capital of Tallinn. Citycon's total investment in the mall will be about EUR 130 mln, consisting of a EUR 68 mln development investment and the initial acquisition cost.
Phase one of the project is due to be completed in spring 2008, with the mall scheduled to open in a fully renovated state in the autumn of 2009. Rocca al Mare is one of Citycon's pilot sustainable development projects.
The 52,000 m2 shopping centre located in the Haabersti district of Tallinn, about 10 km from the city centre, will be the largest retail property in the city.
