Jaakko Honkala

YIT – Data centre construction agreements with XTX Markets

We advised the urban developer and construction company YIT on the drafting and negotiation of two construction agreements with the leading algorithmic trading firm XTX Markets for the development of two data centres in Kajaani, Finland, which are part of XTX Markets’ data centre complex. The first agreement, valued at approximately EUR 100 million and signed in December 2024, marked the commencement of the construction of the first data centre facility in Kajaani, establishing Kajaani as a strategic hub for high-performance computing infrastructure. Building on the success of this collaboration, YIT and XTX Markets entered into a second agreement in August 2025 to commence construction of a second data centre facility. This phase includes the delivery of the shell and core of the new building.

20.11.2025

Rabobank – Financing arrangement for Olana Energy

Castrén & Snellman acted as legal advisor to Coöperatieve Rabobank U.A. in its capacity as sole lender and hedging bank providing senior financing to Olana Energy for a Battery Energy Storage Systems (BESS) portfolio in Finland. Our advice included preparing a legal due diligence report on the projects as well as advising on the negotiation of the various finance and project agreements. Olana Energy is a management-owned fast-growing independent power producer with an international pipeline of over 1 GW. The diversified portfolio of assets ranging from 5 to 30 MW reinforces the Finnish grid at a granular level.

18.11.2025

A. Ahlström Real Estate – Acquisition of an office complex

We advised A. Ahlström Real Estate Ltd in its acquisition of an office complex in Pasila, Helsinki, from Avain Yhtiöt Oy. The office complex is part of a new block area that will also include three tower blocks. Construction of the block has started in early 2025 and the office building is expected to be completed by the end of 2026. The office building is located in Central Pasila, in the immediate vicinity of the Tripla shopping centre, with excellent transport connections. The office will provide modern and adaptable office space for up to 450 employees. The anchor tenant in the new premises is Avain Yhtiöt. A. Ahlström Real Estate manages the real estate and forest assets of A. Ahlström Oy. Avain Yhtiöt is a Finnish housing provider specialising in developing, constructing, and managing residential properties and housing services. Under the Avain Asunnot brand, Avain Yhtiöt and Avain Asumisoikeus own over 12,000 rental, right-of-occupancy, and service housing units across Finland.

18.3.2025

Nrep – EUR 100 million construction project in Herttoniemi, Helsinki

We advised the real estate investor and developer Nrep in a EUR 100 million construction project in Helsinki, which combines build-to-rent housing and care homes within the one scheme. A fund managed by Nrep (NSF V) purchased the plot of land in Herttoniemi, Helsinki and subsequently secured planning consent to deliver a hybrid living scheme. The modern complex will offer high-quality housing and care facilities for the elderly alongside rental accommodation. We advised Nrep in both the purchase of the plot and the contracting of the care and housing complex. A total of 425 apartments and 108 care homes will be delivered across four buildings on the site. Construction is scheduled to begin in autumn 2025, with delivery targeted in 2028. The project will be implemented in accordance with Nrep’s principles of sustainable construction. The buildings will be equipped with solar panels, geothermal heat will be used throughout, and low-emission green concrete and steel will be used as materials.

6.3.2025

Verne Global – Data center expansion in Helsinki region

We are assisting Verne Global Ltd, the leading provider of sustainably powered HPC data centers in the Nordics, in expanding a data center in Helsinki region, Finland. In the autumn of 2024, we acted as Verne’s advisor in acquiring the land at its existing Helsinki data center campus, securing room for future expansion. In addition to real estate development, our advice covers permitting and construction related legal matters. The expansion marks another milestone in Verne’s ambitious growth strategy for the Nordics, following the recent announcement of its new facility to be built in Mäntsälä, Finland. The land was acquired from Onvest, a family-owned company with a long history in the region. The site’s strategic location provides excellent connectivity to power and fibre networks, proximity to Helsinki Airport, and easy access to the city centre – making it ideal for organisations across industries looking for reliable, accessible, and well-connected facilities. Verne plans to develop the site further, leveraging its 70MW capacity to meet the increasing demand for sustainable, high-performance compute infrastructure. Designed with high-density compute in mind, the planned expansion will include two new buildings fully equipped to meet the technical requirements of AI, HPC, and other intensive workloads. Verne remains committed to sustainability, with the Helsinki campus running on 100% renewable energy. Waste heat generated by the data center is repurposed through a direct connection to the local district heating network. All new facilities will be built to support liquid cooling, enabling efficient management of the high heat levels generated by AI and other intensive compute workloads. Additionally, Verne uses renewable diesel for its backup power generators in Finland, reducing greenhouse gas emissions from the generators by an average of 90%. News: Verne expands Helsinki data center campus with strategic site acquisition. Read Verne Global’s press release.

20.2.2025

WasaGroup – Planning of production and technology campus in Mustasaari

We advised WasaGroup Ltd in a green transition project where WasaGroup will plan Hitachi Energy’s new production and technology campus in Mustasaari. WasaGroup will be responsible for planning, permitting, managing and conducting the entire project as well as for the tender processes. We advised WasaGroup in drafting and commenting the project management and financing agreements for the project. The Mustasaari campus will be approximately 30,000 square meters in size. The investment by Hitachi Energy will double the capacity for transformer production in Finland, and the product range will expand to include even larger transformers. The objective of the investment is to meet the demand for transformers and other modern technology that is increasing in Finland and internationally due to the green energy transition. The first phase of the project involved an agreement for a development project to prepare the building permit and reach sufficient planning readiness for the implementation of the project. The aim is to have the production and technology campus in use by 2027.

30.5.2024

Finnish building company – Settlement of large-scale construction dispute

We successfully represented a major Finnish construction company in a dispute and settlement negotiations concerning a large construction project. The dispute mainly concerned liabilities for additional and change works as well as project delays, and the value of the claims of the parties was approximately EUR 50 million. If the case had not been settled, it would have been one of the largest construction disputes ever tried in the Finnish courts. The projected number of hearing days was unprecedentedly more than 300 days. To find an amicable solution to the extensive dispute, the parties engaged in settlement negotiations and court mediation. Eventually, the parties reached an amicable settlement to the full satisfaction of our client and thus the parties avoided the costs and risks of an extensive trial.

7.2.2024

Triton – Platform investment and formation of Habeo Group

We advised Triton Smaller Mid-Cap Fund II in a new platform investment, the formation of Habeo Group, through its acquisition and financing of eight Finnish companies. After the acquisition, Habeo Group has approximately MEUR 120 in net sales with over 600 experts providing a variety of technical building services, such as heating, plumbing and sewerage, ventilation and air conditioning, electrical works, cooling and refrigeration, fire safety and automation. In line with Habeo Group’s strategy, it has acquired successful, locally operating Finnish group companies and is now Finland’s fifth largest player in the industry. Habeo Group continues to implement its strategy through acquisitions that suit its service portfolio in Finland. The eight Habeo Group companies are the following: Afire Oy – A company that provides its clients with the best fire suppression solutions for different purposes in the market. ESP Group – A group of companies specialised in new building and repair construction, offering all HVAC, electricity and automation services reliably and skilfully. HSK Sähkö Oy – A versatile and flexible full-service electrical contractor operating in all of Finland. Neloset Group – A full-service technical building service and construction company providing housing cooperatives with construction and renovation services from a one-stop shop. Respect Group – A group that serves its clients seamlessly in all their repair construction needs. SFT Finntekniikka Oy – A refrigeration expert that provides comprehensive, high-quality service in refrigeration equipment and cooling systems. Sähkö Oy Turku and Helsinki – A group of electrical engineering companies with a large range of services including design, installation, on-site project supervision and subcontracting. Vaasan Kylmäkone Oy – A company that plans, sells, installs and maintains refrigeration equipment and systems for professional use. Since its establishment in 1997, Triton has sponsored ten funds, focusing on businesses in the industrial tech, services, consumer and healthcare sectors. The companies currently in Triton’s portfolio have combined sales of around EUR 18 billion and employ around 105,000 employees. Triton Smaller Mid-Cap Fund II applies Triton’s proven investment strategy to lower mid-market companies in the same core sectors of Services, Healthcare, Industrial Tech and Consumer, using Triton’s in-house operational capabilities and resources to help management teams to sustainably expand their companies’ market position and to implement their growth strategies.

21.4.2023

NREP – New Noli Studios to Katajanokka and Otaniemi

We advised NREP in two Noli Studios real estate development projects. The projects consist of realising new properties under the Noli Studios concept in Katajanokka, Helsinki, and Otaniemi, Espoo. The real estates of both properties were purchased from the Finnish state, which was represented by Senate Properties in the transaction. Our advice also covered the negotiations on the construction and lease agreements, among other things. The office buildings in Katajanokka were previously used by Finland’s Ministry of Foreign Affairs. In the Katajanokka premises, 226 studios will be built, making the existing Noli Studios Katajanokka and the new Noli Studios Kanavakatu one of the biggest hotel complexes in Finland. The estimated completion time for the project is by the end of 2023. The Maarinrannantie site in Otaniemi is a new construction project. It comprises a 15-storey hotel building with more than 400 studios and a single-storey commercial building with a grocery store. The estimated completion time is in the first half of 2024. The construction of these Noli Studios sites supports NREP’s commitment to be carbon neutral by 2028. The aim is to achieve a Platinum-level LEED certification for both Noli buildings and a Gold-level LEED certification for the commercial building in Otaniemi. The building in Otaniemi will be heated using geothermal energy, and it will also utilise heat recovery and solar energy extensively to produce its own electricity. NREP has developed Noli Studios in Finland, and they have grown to be one of the most significant operators in the field. Urbanisation has increased the need for new kinds of solutions for living, and Noli Studios match these needs by combining the comforts of home and services of a hotel. Photo: Avarrus Arkkitehdit Oy

19.8.2022

YIT – The second phase of the Järvenpää Bulevardikortteli block

We assisted YIT in the sale of all shares in Kiinteistö Oy Järvenpään Perhelä 5 to OP-Public Services Real Estate special investment fund. The value of the transaction is approximately EUR 10 million. YIT launches the second phase of the Järvenpää Bulevardikortteli block by constructing a service and commercial building for the use of the Hospital District of Helsinki and Uusimaa HUS on the target property. The centrally located site has been designed with communal and ecological solutions in mind, and LEED Gold certification will be applied for the building. The size of the premises to be constructed is approximately 2,000 m2 and the estimated completion of the building is in autumn 2023.

7.7.2022

Lumo Kodit – Acquisition of 942 Apartments in Finnish Growth Centres

We advised Lumo Kodit Oy, a subsidiary of Kojamo plc, in the acquisition of 942 apartments in Finnish growth centres from a fund managed by NREP. The transaction concerns 13 high-quality properties completed between 2017 and 2021. Of the apartments, 461 are located in Helsinki, Espoo and Vantaa, 191 in Turku, and 290 in Jyväskylä.

28.6.2022

NREP – Residential Construction Project

We advised NREP in a residential construction project in which NREP, acting on behalf of one of its real estate funds, and Pohjola Rakennus Oy agreed on the construction of 137 apartments in the Lamminpää district of Tampere. The residential block comprises three three-to-five-storey apartment buildings, which form a part of a total of six residential blocks. The site is estimated to be completed by the end of 2023.

20.10.2021

DWS – Acquisition of Three Residential Projects from SRV

We advised DWS, one of the world’s leading asset managers, in a transaction in which DWS and Finnish constructor SRV agreed on the sale and construction of three residential assets to be built on behalf of one of DWS’s institutional real estate funds in the Capital Region of Finland. Construction works will begin in the coming six months. The cooperation agreement is valued at EUR 82 million.

9.7.2021

Smart Windpower, Mincovest and GE Energy – Development and Sale of Puskakorpi Wind Farm Project

We advised the co-developers Smart Windpower Oy, Mincovest Oy and GE Energy, LLC in the development of the Puskakorpi wind farm owned by the project company Puskakorven Tuulivoima Oy and its later sale to Foresight Energy Infrastructure Partners, a Luxembourg Special Limited Partnership for which Foresight Group LLP acts as Portfolio Manager. The Puskakorpi wind farm is envisaged to comprise 16 WTGs with a designed total nominal capacity of 88.0 MW. Located in the municipality of Pyhäjoki, in the Northern Ostrobothnia region of western Finland, the wind farm will generate enough renewable energy to power the equivalent of 55,000 households in Finland. It will play a significant role in supporting the country’s goal of meeting 50% of its energy end-consumption from renewable energy sources by 2030. Commercial operations of the wind farm are expected to commence in late 2022.

2.6.2021

Fjordkraft Holding – Acquisition of Switch Nordic Green AB

We acted as Finnish counsel for Fjordkraft Holding ASA in its acquisition of Switch Nordic Green AB from Troms Kraft AS. The purchase price was based on an enterprise value of the target of NOK 375 million on a cash and debt free basis and assuming an agreed normalised level of working capital. The acquisition of Switch Nordic Green positions the Fjordkraft group as the owners of an established retailer in the Swedish and Finnish market with potential for further growth in the Nordics. Switch Nordic Green, with its brand Nordic Green Energy, is a Nordic electricity retailer perceived as a green and renewable focused supplier. Switch Nordic Green has around 60 employees with operations in both Sweden and Finland. Fjordkraft is the largest end-user company in the Norwegian electricity retail market. The company supplies electricity to an estimated 1.8 million people through more than 900,000 electricity deliveries within households, businesses and public entities across Norway.

13.1.2021

NREP – Construction of Wooden Residential Buildings in Espoo and Turku

We acted as counsel to NREP in an arrangement in which NREP entered into a frame agreement with Lehto Asunnot Oy on the construction of approximately 300 rental apartments out of wood in the cities of Espoo and Turku. The projects are notable as examples of sustainable construction. The properties will use ecological geothermal heating as their energy solution in order to reduce climate impact during operational period. The carbon footprint of wooden apartment buildings is smaller than normal, and is further balanced by the carbon that is stored in the wood structures over the long term. The buildings are estimated to be completed in 2021–2023.

14.10.2020

Vantaa Energy, Infranode and Keva – Acquisition of District Heating Business

Castrén & Snellman is representing a consortium consisting of Vantaa Energy, Infranode and Keva in their acquisition of Fortum’s district heating business in the Järvenpää-Tuusula region of Finland. Vantaa Energy, Infranode and Keva will together fully own the district heating business in the Järvenpää-Tuusula region. The transaction was completed on 19 August 2020, and the joint venture established in the transaction, Vantaan Energia Keski-uusimaa Oy, has begun operations.

3.7.2020

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