The Finnish summer is showing its best and there is an air of cautious anticipation. The war in Ukraine continues for the second year, market development is difficult to foresee and the rising interest rates hit both companies and households hard. On a brighter side, the energy transition is carrying Europe towards an emission-free era, bringing along new growth opportunities or those ready to seize the opportunity. The Finnish political field also shows clear signs of purposeful changes to a more business-friendly direction and the beginning of a new era.
7.7.2023
It takes courage and determination to make a change
Sakari Lukinmaa
The only constant in life is change, and amid all the changes, we need to focus on the things we can control. Right now, we can control how we adapt to the changing world. We will need courage and determination to help us forward even through difficult times. Despite hardships, now it’s the time to sow the seeds for future growth and focus on green transition investments and support them on all levels of decision-making as well as promote green innovations. There is good reason to believe that the energy transition will create enormous opportunities and can help turn this decade into a decade of growth in Finland.
We at Castrén & Snellman have also drawn from our courage and determination. This summer, we celebrate our 135-year-long journey that we have travelled through the changing society in an independent Finland, enabling the success our clients. The trust shown by our clients has turned the small boutique firm established by two men into an international forerunner of business law, employing more than 300 experts. We want to hold on to our standard of exceeding expectations at all times.
As a forerunner, we embrace our responsibility at the dawn of a new era. Finland is a pioneer in the energy transition, and Castrén & Snellman is advising in the most important renewable energy projects in Finland. I believe that the prelude of yet another success story has been played and that it is up to us to decide how the story continues.
Our warmest thanks to our clients, stakeholders and employees! We wish you a happy summer!
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Latest references
Swiss Life Asset Managers Nordic – Acquisition of a prime logistics property from a fund managed by Savills Investment Management
We advised a fund managed by Swiss Life Asset Managers Nordic in its acquisition of a logistics property in Hyvinkää from a fund managed by Savills Investment Management. In addition to advising on the transactional aspects, we also advised on the financing of the acquisition as well as in designing an appropriate international acquisition structure and addressing relevant tax implications. The property serves as the central warehouse in Finland for Ahlsell, a leading Nordic technical wholesaler, which has been leasing the property since its construction. The state-of-the-art logistics centre was originally built in 2002 and has undergone several improvement projects over the years. The latest extension, completed in 2024, added around 11,000 square meters of new storage area to the property, bringing the total lettable area to 47,000 square meters. The property has been developed with a strong emphasis on energy efficiency with on-site solar power and renewable district heating. The sustainability features of the property were also further optimised and the asset just received BREEAM Excellent certifications in both BREEAM New Construction and BREEAM In-Use.
Case published 20.1.2025
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We advised Metsäliitto Cooperative in relation to a new EUR 200 million sustainability-linked revolving credit facility with a syndicate of eight banks. This new credit facility refinances the existing EUR 200 million facility signed in December 2018 and will be used for general corporate purposes. The facility has a tenor of five years and includes two one-year extension options. The pricing mechanism of the revolving credit facility is linked to two of Metsä Group’s ambitious sustainability targets: Target 1: Zero tonnes of fossil carbon dioxide emissions, Scope 1 and 2, by 2030. Target 2: Share of certified wood in wood supply 100% by 2030. ‘Incorporating sustainability criteria into our financing further demonstrates the company’s strong commitment to actions that reduce our carbon footprint and mitigate climate change,’ says Vesa-Pekka Takala, EVP, CFO of Metsä Group.
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We advised NoHo Partners Plc on a 119-million-euro financing arrangement. The financing arrangement frees up a significant part of the cash flow for the business and enables the implementation of an acquisition-driven growth strategy also in the future.
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We advised CapMan Buyout in the exit of Renoa Group. Renoa Group management together with Korpi Capital and other investors have acquired the group. Renoa Group is a Finnish established expert in the building technology sector specializing in detached houses in Finland and Sweden. Renoa is a major provider of turnkey domestic water & heating, sewer system and electricity network renovations, with significant operations also in Sweden. The Group reported sales of €35 million and employed c. 300 personnel across its 10 offices in Finland and 6 in Sweden. Korpi Capital is a Finnish investment company with holdings in 29 companies.
Case published 14.1.2025