Citycon continues to execute on the 300,000 sqm residential potential across the Nordics
HELSINKI, Dec. 22, 2021 /PRNewswire/ -- Citycon aims to be the leading owner and developer of urban community hubs in the Nordics, ongoing construction of residentials in Finland, Sweden and Norway and the continued progress of outstanding residential projects such as Herkules Park in Skien, Norway signals the company's commitment to this strategy.
Construction of this unique residential project will complement and enhance Citycon's existing necessity-based retail asset, Herkules Senter, started this fall and is progressing on schedule. The project is located in one of the best parts of the Herkules area and is a joint venture between Peab Eiendomsutvikling and Citycon. The project consists of 85 apartments that will be ready in 2023. Over the past ten years, the joint venture has built 160 residential units in the Herkules area and is excited to add to this growing and vital community.
"We are very happy with the speed of the residential strategy execution. We want to create cities full of life, and we are confident that our strategy and commitment will create long term value for local communities, tenants and owners", says Erik Lennhammar, Chief Development Officer at Citycon.
Citycon has created a significant residential pipeline of 20 projects in the Nordics. The pipeline amounts to 300,000 sqm and about 5,600 units. The residential projects are distributed across the operating countries with multiple locations well distributed across Norway, Sweden, Finland and Estonia.
The majority of the projects either have a valid zoning or are in the pre-zoning phase. Some of the projects are already in construction phase, like Herkules Park and Lippulaiva in the Helsinki area. In Sweden, Kista Galleria and Liljeholmstorget in Stockholm are two of the biggest projects Citycon will be focusing on in the coming years, both to include residential as well as offices, schools, and hotels.
Citycon's development project in Lippulaiva is a prototype and great example of the company's mixed-use development strategy in action, combining retail, residentials and office spaces. Lippulaiva's retail centre opens in spring 2022, to be followed by 8 residential buildings with apartments and condominiums included in the mx to be completed between 2022–2024.
For more information, please contact:
Erik Lennhammar, Chief Development Officer
Telephone +46 70 344 5013
erik.lennhammar@citycon.com
Citycon is the leading owner, developer and manager of multipurpose urban centres. Our centres in key urban areas combine retail, office premises and housing with well-functioning traffic connections. We are committed to sustainable property maintenance, and the total value of the property portfolio in the Nordic Countries managed by Citycon is approximately EUR 4.5 billion. Our centres offer daily consumer goods, health care services as well as other services to meet the daily needs of our customers.
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