OP-Pohjola & LähiTapiola
Construction and Development of REDI Shopping Centre and Parking Facilities
We acted as the legal advisor for an investor consortium formed by among others OP-Pohjola Group and a fund managed by OP-Pohjola Group, as well as LocalTapiola General Mutual Insurance Company and LocalTapiola Mutual Life Insurance Company, in a transaction comprising the construction and development of the REDI Shopping Centre and Parking Facilities to be built in the Kalasatama area of Central Helsinki. In addition to the investor consortium, the REDI Shopping Centre and Parking Facilities shall be co-owned by SRV Construction Ltd, who shall also be responsible for the planning, construction and leasing of the shopping centre and parking facilities.
The investor consortium and SRV Construction Ltd have in connection with the transaction signed a joint venture agreement regarding the development, financing as well as ownership and management of the shopping centre and parking facilities. In addition, turn-key construction agreements regarding the construction of the shopping centre and parking facilities have been signed in connection with the transaction, with an aggregate value of approximately EUR 390 million.
The aggregate value of the investment in the shopping centre and parking facilities amounts to EUR 480 million, of which EUR 240 million shall be financed by capital investments by the owners. The remaining part of the investment shall be financed by project credits. The construction of the shopping centre and parking facilities shall be commenced on a large scale in April 2015, and the construction shall be completed by fall 2018. When completed, the REDI Shopping Centre will be the largest shopping and experience centre in Central Helsinki.