We acted as counsel for Etera Mutual Pension Insurance Company, Onvest Oy and Fennia Mutual Insurance Company in an arrangement whereby said investors agreed, together with YIT, on the execution of the project to construct the Mall of Tripla and its parking facility in central Pasila, Helsinki.
The overall value of the shopping mall and the parking facility, including the costs for design, plot and financing, is approximately EUR 600 million, of which one-half will be financed with capital investments from the owners and the remainder will be financed with project credit.
The Mall of Tripla will be the largest shopping mall in Finland in terms of the number of retail spaces. The leasable floor area is approximately 85,000 square metres for a total of 250 tenants and there will be parking space for 2,300 cars in the parking facility. The mall and parking facility are expected to open for Christmas sales in 2019 together with the new Pasila railway station.
As counsel for the investors, we had a key role in planning and negotiating a set of documentation consisting of the terms and conditions of the investment and the construction contracts, among other things. This project is an excellent example of Castrén & Snellman’s wide-ranging expertise in the real estate sector, covering both real estate transactions and development projects, as well as advice in real estate law and construction contracts.
