Finnish shopping centre developer Citycon said on Wednesday that it has signed a preliminary agreement with the City of Helsinki to purchase four separate sites which have been zoned for commercial and residential development in the Myllypuro district of Stockholm.
Finnish shopping centre developer Citycon said on Wednesday that it has signed a preliminary agreement with the City of Helsinki to purchase four separate sites which have been zoned for commercial and residential development in the Myllypuro district of Stockholm.
In a statement, Citycon said it aims to redevelop the Myllypuro retail centre on one of the sites into an attractive modern service centre. The redevelopment of the centre is part of a larger regeneration plan proposed by the municipality for the Myllypuro district. The plan includes a total of 380,000 m2 of new residential and office buildings for some 4,500 residents.
'Myllypuro is a prime example of how shopping centre construction, at its best, integrates with the structure of the community. Demands for energy efficiency increase continuously and the development of old retail properties is very important in this regard,' said Kaisa Vuorio, vice president of Citycon's Finnish operations.
The agreement with the municipality involves about 28,800 m2 of space. The redevelopment is estimated to cost around EUR 20mln, while EUR 12mln was invested to purchase the site. Construction work is planned to start in 2009, with completion slated for 2012.
