Citycon started several (re)development projects in Finland. Shopping centre Forum in the city center of Jyväskylä and shopping centre Espoontori in Espoo were both fully (re)developed. Citycon started to build two new shopping centres in Myllypuro in Helsinki and in Martinlaakso in Vantaa. Espoontori was reopend at the beginning of November and Forum in the beginning of December. An extension part of Åkersberga Centrum was opened in Greater-Stockholm area. The company continued to sell its non core properties in Sweden.
Rocca al Mare (re)development and extension project was awarded with a silver level LEED certificate in February. Liljeholmstorget Galleria received the highest, platinum level LEED certificate in April.
Citycon´s two major (re)development projects were completed. Liljeholmstorget Galleria development project was opened in Stockholm and the second and third phase of Rocca al Mare´s extension and (re)development project in Tallinn. Shopping centre Trio in Lahti was awarded the first LEED certificate in the Nordic countries.
Citycon continued to divest its residential units which are a non-core properties for Citycon. Agreements to sell the apartments in Åkersberga Centrum and Liljeholmstorget were signed.
Citycon puts more and more emphasis on green, sustainable construction and redevelopment and is aiming to get international environmental LEED-certification (Leadership in Energy and Environmental Design) for its projects. The company sells 40% of Iso Omena to GIC.
Citycon strengthens its shopping centre portfolio by new acquisitions in Finland, Sweden and Estonia. The company focuses more and more on development and redevelopment of its existing shopping centers. In construction and development the company starts focusing more on sustainable construction. Flagship, pilot projects in sustainable construction are Liljeholmen, Rocca al Mare and Trio. Several development project are completed during the year as well. Citycon makes its largest ever acquisition and buys shopping centre Iso Omena in Espoo.
Citycon continues to expand its business in Sweden and the Baltic countries by acquiring several retail properties in Sweden and its first shopping centre in Lithuania. The disposal of non-core properties further sharpens the Group's strategy of focusing on shopping centres and other large retail units, strengthening its position and profile as a property investment company specialising in retail properties.
Citycon made its first international property investment by acquiring 75 per cent of the Åkersberga shopping centre in Sweden. The transaction was finalised on 1 July 2005. After future extension projects have been completed, the total investment value will be approximately SEK 900-950 million (EUR 95-100 million).
On July 2005 Citycon expands to Estonia, acquiring Tallinn's Rocca al Mare Shopping Centre. The total debt-free purchase price was EUR 62.1 million.
Citycon’s growth and internationalisation continued. Citycon’s ownership structure and Board of Directors became international, trading in its shares on the Helsinki Exchanges grew substantially, and the share price increased by a factor of more than 1.6. Citycon deployed effort in the development of the property portfolio and new retail sites as well as investing in the business structure and the standardisation of operating methods. Citycon began to investigate the potential for expansion in the Baltic countries and Scandinavia. At the same time, the company continued the implementation of its strategy of growth as a major owner of retail premises in Finland.
Citycon specifies its business structure and expands its business to include development as well as owning, leasing and managing retail premises. The company’s property portfolio grows substantially. The ownership base changes as the former main owners give up their shareholdings and international investors become interested in Citycon.
Citycon’s new CEO Petri Olkinuora took up his post in August. At the end of the year, planning was started for a reorganisation at Citycon. The previous system of dividing up properties geographically was replaced, and property business was organised under three divisions according to the type of properties and the customers’ needs. With the reorganisation, the company’s operations expanded into comprehensive development of new shopping centres in addition to owning, leasing and controlling commercial properties. The new organisation structure came into effect on 1 January 2003.
Citycon strengthened its business focus and concentrated on owning and managing retail premises. During 2001, Citycon divested the entire capital stock in 20 properties and reduced its holdings in a further five. Citycon increased its holding in Heikintori Oy, a shopping centre in Tapiola, Espoo and acquired the entire capital stock of a department store property better known as Anttila in Kuopio. Citycon’s turnover grew and the company made clear progress in earnings.
Citycon built on its property assets in strategic economic zones and reduced its holdings of non-core business properties. The company again improved its performance and turnover rose by 36 per cent.
Citycon consolidated its position and raised its profile as a property investment company specialising in retail premises. The company carried out a major €319.5 million property deal, which almost doubled the value of Citycon's property assets. Citycon became Finland's leading listed property investment company specialising in retail premises.
The year was one of strong growth and development for Citycon. The company innovated a new business concept focusing on retail properties. The company acquired 223 retail properties throughout Finland. Performance also reflected the business focus and controlled growth: the company posted its best results ever.
Citycon continues to grow profitably and during the year the idea of changing course took shape. The aim was to transform Citycon into a property investment company specialising in retail premises.
Property market picks up. Economic growth, low interest rates and Citycon's steady development pave the way for encouraging earnings performance.
Citycon was founded by the Insurance Company Sampo Pension Ltd, Imatran Voima Oy, Rakennustoimisto A. Puolimatka Oy and Postipankki. The company listed on the Main List of the Helsinki Exchanges. Initially, Citycon invested in office premises.