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| Myllypuro shopping centre  Citycon Oyj will build a new shopping centre in Myllypuro, Helsinki. In addition, 255 rented and right-of-residence apartments, all privately financed, will be built in conjunction with the shopping centre, as well as an underground parking hall with 270 places. The shopping centre will have a prime location right next to the Myllypuro metro station. The total cost of the Myllypuro project will exceed EUR 60 million, Citycon's share of the forthcoming shopping centre and parking hall accounting for EUR 20 million. Citycon's share will be financed from its existing liquid assets.Citycon has sold all of the housing associations connected with the shopping centre to ICECAPITAL Housing Fund II Ky, Asuntosäätiö and Ilmarinen Mutual Pension Insurance Company. Each housing investor will be responsible for the construction and rental of its own apartments. The new shopping centre's gross leasable area will be roughly 7,300 square metres. Its service offering will include grocery stores, plus restaurants and various health care and well-being related services, such as a pharmacy. Public services will also be available. Over 60 percent of the premises have so far been let. Construction work will get underway at the beginning of March. The shopping centre will be completed in phases, with the first part opening in the early summer of 2011 and the second phase a year later, in 2012. The Myllypuro shopping centre project is in line with Citycon's growth strategy, involving the active development of premises in prime locations. "Markedly improving retail and other service provision within the Myllypuro area, the new shopping centre will represent the positive development of the entire district," affirms Jukka Posti, Vice President, Property Development, Citycon. write your comments about the article :: © 2010 Construction News :: home page |