SRV-developed Niittykumpu Metro Centre sold to OP-Vuokratuotto
The SRV-developed metro centre to be built next to the Western Metro’s Niittykumpu station has been sold to OP-Vuokratuotto special investment fund on 31 March 2015. Construction work on the metro centre began in spring 2015 and the commercial premises are scheduled to open in September 2016.
The metro centre will feature 5,400 square metres of leasable business premises, including two daily consumer goods stores as well as other shops and services. The largest tenants will be Kesko and HOK-Elanto, representing nearly 70% of the leasable area.
“The commercial centre will bring a variety of services within the reach of existing and new residents. Most of the business premises have already been leased or reserved, but there is still room for smaller operators to participate,” says SRV’s Markus Laine, Director, Real Estate Transactions and Investors.
“Through the deal, our fund reinforces its real estate holdings along the metro track together with the Kalasatama REDI investment announced last week. The housing stock around Niittykumpu metro station will increase substantially in the coming years and there will be good demand for the local services provided by this project,” says Markku Mäkiaho, Managing Director, Pohjola Property Management.
SRV is implementing in Niittykumpu, Espoo, a metro centre complex, consisting of the commercial centre sold to OP-Vuokratuotto as well as 12- and 24-storey residential towers, of which the latter, named Niittyhuippu, will on completion be the tallest residential tower in Espoo. Niittykumpu’s current shopping centre, Niittytori, will continue operating until the new commercial centre opens in autumn 2016. SRV intends to build housing units on the site of the Niittytori shopping centre. SRV is also planning residential construction together with SATO and Varma to the east of Haukilahdenkatu.
“The coming of the Western Metro will give rise to new residential areas in the vicinity of the metro station,
which will improve transport links significantly. We have developed the metro centre in close cooperation with the City of Espoo, Western Metro and SATO. Overall, the project is valued at around EUR 100 million,” says SRV’s Juha Toimela, Vice President, Business Operations in Finland.
Newsec Advice Oy and Attorneys at Law Borenius Ltd acted as SRV’s advisers in the Niittykumpu Metro Centre deal.
SRV Group Plc
Markus Laine, +358 50 466 2838, Director, Real Estate Transactions and Investors, SRV
Juha Toimela, +358 40 594 5473, Vice President, Business Operations in Finland, SRV
Toni Kankare, +358 44 501 0210, Account Director, Retail, SRV
Markku Mäkiaho, +358 10 252 7272, Managing Director, Pohjola Property Management Ltd
Katariina Tainela, +358 50 572 7282, Senior Associate, Newsec Advice Oy