As we approach the end of the year, it’s time to reflect and look ahead. As always, the New Year brings with it a wealth of opportunities, inspiring hope and enthusiasm. Yet, we must also acknowledge the severe uncertainties and risks that lie ahead. Now, more than ever, we in Finland and in Europe need a long-term vision for the future.
23.12.2024
Growth ahead
Sakari Lukinmaa
Our enduring strengths – our skills, creativity, our strong work ethic, and our belief in shaping our own destiny – remain intact. However, these qualities often go unspoken, overshadowed by polarisation and individual interests.
There are still many reasons for optimism. The green transition, the digital transformation and AI offer growth opportunities for Europe, but we must seize them instead of waiting for them to be handed to us. Europe must find a way to come together, be competitive and have a strong voice on global stage.
The recent Slush event, a start-up festival held in the dark and chilly days of November in Helsinki, showcased a remarkable gathering of investors and promising growth companies from all over the world. The willingness to take risks and work hard was palpable. If this doesn’t inspire confidence in the future, what will?
Looking ahead, we are seeing some promising signs of economic growth and the interest rates are expected to continue to decline. This environment should encourage more companies to take risks and invest. We need new success stories to cherish. At Castrén & Snellman, we are committed to rolling up our sleeves and helping our clients grow and succeed in 2025.
Wishing our clients, business partners, and staff a peaceful Christmas and a prosperous 2025 filled with courage and success.
Latest insights
Article published 3.1.2025 – Real Estate Investments & Transactions
Finland’s new Building Act entered into force at the beginning of 2025
Article published 30.10.2024 – Environment, Energy & Green Transition
New siting permit for clean energy transition projects proposed for inclusion in the Building Act
Article published 22.10.2024 – Corporate Crime & Investigations
New Directive on sanctions offences to harmonise penalties for violating EU sanctions
Article published 10.10.2024
Revolutionising legal services: Castrén & Snellman’s journey with AI integration
Antti Kaakkola, Marius af Schultén, Elina Marttala, Helinä Teittinen, Jessica Salmia & Sonja Leinonen
Marius af Schultén, Helinä Teittinen & Jessica Salmia
Heidi Paalanen-Koev & Anna-Kaisa Remes
Mia Ihamuotila
Latest references
eQ Community Properties Fund – Acquisition of a property portfolio
We advised eQ Community Properties Fund in its acquisition of a property portfolio comprising a health centre in Espoo, a daycare property in Vantaa, an elementary school in Helsinki, and a parking facility property in Helsinki from Ilmarinen Mutual Pension Insurance Company. The lettable area of the first three properties is approximately 13,900 sq.m., while the parking facility offers 120 parking spaces. The portfolio’s tenants include the City of Helsinki, the City of Vantaa, the Western Uusimaa Wellbeing Services County, and Aimo Park Oy. In connection with the transaction, Ilmarinen invested in eQ Community Properties fund as per 31 December 2024.
Case published 9.1.2025
Finnish manufacturing company – Arbitration proceedings under the SCC rules
We successfully represented a Finnish manufacturing company in arbitration proceedings under the SCC rules against a global construction company. The dispute was governed by Finnish law and the seat of arbitration was Stockholm, Sweden. The dispute mainly concerned the termination of an erection contract and the right to compensation for delays of the project and for cost increases due to Russia’s invasion of Ukraine. The main questions in dispute were the lawfulness of the termination of the erection contract as well as the consequences of the termination such as the right to costs to complete the project after termination, the right to liquidated damages for delay of the project and adjustment of contract price due to cost increases. The total value of the dispute exceeded EUR 15 million.
Case published 8.1.2025
Korkia Oy – Renewable energy loan agreement
We advised Korkia Oy in its loan agreement with Nordic Environment Finance Corporation. The financing will support the development and international scale-up of Korkia’s pipeline of solar energy, battery energy storage system (BESS) and onshore wind projects. Korkia is a dedicated investor in renewable energy operating in nine countries. It has a robust development pipeline of over 20 GW in renewable energy and energy storage projects.
Case published 7.1.2025
Commerzbank – Vessel construction financing for Meyer Turku
We acted as the Finnish law legal advisor to Commerzbank AG, which served as the coordinator, bookrunner, documentation agent, facility agent and security agent of an international banking syndicate. This syndicate provided an ECA-covered construction financing facility of more than EUR 1 billion for the Finnish shipyard company Meyer Turku Oy. The loan facility will be used on the construction of one new passenger cruise ship. The newbuilding is the third of the ICON class. According to Meyer Turku Oy the ICON-class ships are the world’s most advanced and the most environmentally friendly cruise ships of their owner, Royal Caribbean Cruise Lines.
Case published 30.12.2024