25.3.2015

OP-Pohjola & LähiTapiola – Construction and Development of REDI Shopping Centre and Parking Facilities

Related services

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.

Our team

Latest references

Citycon – Sale of a 275-apartment residential portfolio

We assisted Citycon Oyj in the sale of the Lippulaiva residential assets in Espoo, Finland. The sold residential assets consist of 275 apartments totaling approximately 13,000 sqm, located in connection to Citycon’s Lippulaiva shopping centre. The assets were sold at their latest IFRS book value for a gross purchase price of EUR 61.5 million.

eQ Community Properties Fund – Sale of seven social infrastructure properties

We are assisting eQ Community Properties Fund in the sale of seven social infrastructure properties to Kinland AS. The value of the transaction is approximately EUR 29 million, and the portfolio comprises three preschool facilities and four child protection units from different parts of Finland. The portfolio consists of modern and energy-efficient properties that are long-term leased to leading operators in the industry. The Weighted Average Unexpired Lease Term (WAULT) is approximately 11 years. The transaction is expected to close on 17 December 2025.

Municipality of Tuusula – Data centre project

We are assisting the Municipality of Tuusula in the sale of land to funds managed by Blackstone, a global asset management company, for a data centre project. Currently, a preliminary agreement has been signed for the sale of the approximately 16.7 hectare site in Jokela, Tuusula. In October 2025, the Municipal Council of Tuusula approved zoning amendments that enable the construction of a data centre campus in the Vallunlenkki zoning area. The preliminary agreement on the sale of the land and the approval of the zoning are the first steps in a process that would upon its implementation constitute a significant investment that supports employment and economic growth in Tuusula and its surroundings. The next phase, the environmental impact assessment, is planned to commence in early 2026. Blackstone owns QTS, one of the worlds’s fastest growing data centre platforms with more than 82 data centres in operation or under development across Europe and the United States.

OP-Public Services Real Estate Fund – Sale of seven preschool properties

We are assisting OP-Public Services Real Estate Fund in the sale of seven preschool properties to Kinland AS. The transaction value is approximately EUR 24 million, and the majority of the properties are located in the Greater Helsinki area. The portfolio comprises high-quality assets with EPC ratings of A or B, with most properties achieving the highest rating of A. The properties are leased to one of the sector’s leading private operators under lease agreements with a weighted average unexpired lease term of approximately 10 years. The transaction is expected to close on 18 December 2025.

Search from the site.