6.9.2016

Tripla Mall – Project Financing for the Construction of the Mall of Tripla

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Banking & Finance

Castrén & Snellman acted as legal advisor to Tripla Mall Ky in relation to the project financing for construction of the Mall of Tripla. A consortium consisting of the European Investment Bank (EIB), the Nordic Investment Bank, Danske Bank plc and Svenska Handelsbanken AB (publ) provided aggregate loans of approximately EUR 300 million for the project. The EIB’s loan is guaranteed under the European Fund for Strategic Investments (EFSI). The overall value of the shopping mall and its parking facility is approximately EUR 600 million, including the cost of design, the plot and financing. Tripla Mall Ky is a joint venture between YIT Corporation, Etera Mutual Pension Insurance Company, Onvest Oy and Fennia Mutual Insurance Company.

The Mall of Tripla will be a near-zero energy building. New solutions for recycling, water treatment and waste processing will be utilised, enabling the constructors to apply for a Platinum-level LEED certification for the shopping mall once it is completed. The environmental aspect played a major role in the decisions of the investors, the lenders and the City of Helsinki.

The project is the cornerstone commencing a multi-billion euro urban development and renewal scheme for the Pasila area of Helsinki. The Mall of Tripla will be the largest shopping mall in Finland in terms of the number of retail spaces. It will also serve as an important transport hub thanks to a completely refurbished railway station and large parking facilities. The leasable floor area will be 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.

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