Minna Korhonen

Swedbank – Refinancing of Trophi’s Finnish retail real estate portfolio

We advised Swedbank AB (publ) on the refinancing of a large Finnish retail real estate portfolio owned by Trophi’s Finnish subsidiaries. Trophi is the leading Nordic real estate company focusing on grocery anchored retail properties, with 278 properties across Sweden and Finland. Finland is a market that continues to develop and is also strategically important for Trophi, accounting for approximately 30% of Trophi’s letting and property value.

17.7.2026

Nordea Bank Abp and Avain Yhtiöt – A financing arrangement of a real estate portfolio

We acted as joint legal advisor for Nordea Bank Abp and Avain Yhtiöt in an approximately EUR 48 million financing arrangement which included facilities for refinancing of an existing real estate portfolio and also for acquisition and property development purposes. The financing arrangement strengthens Avain Yhtiöt’s objective to build and maintain a functional, safe and environmentally friendly living environment, as well as to develop the overall quality of housing and construction. Avain Yhtiöt is a Finnish group specialising in housing and housing-related services, construction contracting and new construction. Its goal is to build 1,000 new apartments per year in key growth areas in Finland.

2.7.2026

Hiab – Financing for USD 1,035 million acquisition of Labrie Environmental Group

We are advising Hiab Corporation in the financing for its USD 1,035 million acquisition of Labrie Environmental Group, a leading North American refuse collection vehicle (“RCV”) manufacturer, from Wynnchurch Capital, L.P. Hiab Corporation (Nasdaq Helsinki: HIAB) is a leading provider of smart and sustainable on-road load handling solutions, with 2025 sales of approximately EUR 1.6 billion and approximately 4,000 employees, operating through a global network spanning over 100 countries. Labrie Group is a leading North American provider of RCVs, employing approximately 1,200 people.

1.6.2026

Aurevia and Labquality – Strategic reorganisation

We advised Aurevia Oy, a portfolio company of French private equity sponsor Mérieux Equity Partners, in a strategic reorganisation that involved splitting Aurevia and its parent companies into two independent groups of companies and reorganisation of its existing debt-financing arrangements. Following the reorganisation, the newly formed Aurevia continues as a leading provider of Contract Research Organization (CRO) and Quality Assurance and Regulatory Affairs (QARA) services, while the newly formed Labquality focuses on delivering External Quality Assessment (EQA) services. Aurevia serves operators in the medical devices, in vitro diagnostics and pharmaceutical sectors. Labquality’s customers include clinical laboratories and social and healthcare organisations. The reorganisation positions Aurevia and Labquality to allocate investments more effectively, accelerate growth within their respective customer segments, and respond to evolving market and client needs. The transaction was implemented through multiple parallel demergers and required comprehensive legal and tax structuring across several jurisdictions. Our team supported Aurevia throughout the planning and implementation phases, covering corporate, tax, employment law, and regulatory matters, as well as the optimisation of each group’s financing structure.

7.4.2026

Brookfield – EUR 1 billion holdco financing for DayOne Data Centers

We advised a leading global investment firm Brookfield, alongside a global sovereign wealth investor, on the Finnish law aspects of a EUR 1 billion holdco financing for DayOne Data Centers, a Singapore-headquartered developer and operator of hyperscale data centres. Structured as a seven-year secured holdco financing facility of €500 million, expandable to €1 billion – and secured by DayOne’s Finland platform – the financing will support the rollout of hyperscale developments in Lahti and Kouvola, providing nearly 300MW of planned capacity across Finland. The proceeds will also support DayOne’s global expansion across the EU and APAC, with flexibility to allocate to other key growth markets as required.

29.1.2026

Urban Partners – Financing of EUR 100 million construction project in Herttoniemi, Helsinki

We advised the real estate investor and developer Urban Partners in the financing of a EUR 100 million construction project in Helsinki, which combines build-to-rent housing and care homes within one scheme. A fund managed by Urban Partners (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. A total of 425 apartments and 108 care homes will be delivered across four buildings on the site. The project will be implemented in accordance with Urban Partners’ sustainability targets. All buildings will be constructed to energy class A, and the project will aim for the highest Platinum level of the international LEED environmental certification and will be implemented in accordance with the EU taxonomy criteria.

5.1.2026

CapMan Real Estate – Acquisition of a High-Quality Residential Asset

We advised CapMan Real Estate in the acquisition and financing of a high-quality residential asset located in Katajanokka, Helsinki. The asset was acquired from the Finnish Seamen’s Service Bureau (MEPA). The property consisting of 38 modern rental apartments with a parking garage was completed in 2017. The building features high-quality construction, modern floorplans, and well-designed communal areas including a gym and rooftop sauna premises, and blends with the area’s historic maritime character. The residential asset is located in the prestigious Katajanokka seaside district of central Helsinki, known for its architectural heritage and proximity to the city centre. The property has a high ESG profile which will be further improved by CapMan Real Estate.

6.11.2025

Funders – EUR 665 million refinancing arrangement for Nevel

We acted as the Finnish legal counsel for the funders to Nevel Oy in a EUR 665 million refinancing arrangement through a mix of multicurrency bank loans and private placement notes. Nevel is a utility infrastructure company offering advanced industrial and real estate infrastructure solutions that are fit-for-purpose and future-proof. The transaction supports Nevel’s growth strategy and its goal to help customers to achieve climate goals.

20.8.2025

Nordea Bank – EUR 150 million new green financing

We advised Nordea Bank Abp in the EUR 150 million new green financing for Lahti Energia Oy to support investments promoting a clean transition and to refinance existing loans. Lahti Energia Oy’s green loan investments focus on solutions that reduce fossil carbon dioxide emissions and support sustainable development. Planned projects include electric boilers, district heating storage facilities, and investments in the development of energy networks.

1.7.2025

Gasum – Construction and chartering of a new bunker vessel

We advised Gasum in a Joint Venture project concerning the construction and chartering of a new LNG and bio-LNG bunker vessel. The vessel called Celsius will serve Gasum’s customers starting 2027. The investment is part of Gasum’s strategy to secure the availability of LNG and bio-LNG to its customers in the Northwestern European area as demand increases in the coming years. The vessel is owned by a joint venture between Gasum and the Swedish shipping company Sirius Shipping. The vessel is being built by RMK Marine in Istanbul, Turkey. Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Sirius is a Swedish shipping company founded by the Backman family. Sirius operates 11 product/chemical tankers and 2 LNG tankers and has a further 3 product/chemical tankers under commercial management.

11.3.2025

Origa Care Properties – A financing arrangement of a real estate portfolio

We advised Origa Care Properties Oy, a real estate investment company focusing on properties in the care sector and managed by Pareto Business Management AB, in a financing arrangement of a real estate portfolio containing 13 properties. The properties are located in growth areas in different parts of Finland and are leased to leading operators in the care sector.

28.1.2025

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.

20.1.2025

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.

7.1.2025

Nrep – Residential construction project at Arabia Shopping Centre

We assisted Nrep in the development of a residential building that will be built adjacent to the Arabia Shopping Centre in north-eastern Helsinki. Our assignment included assisting in a financing arrangement for the residential building, together with corporate and real estate arrangements related to the project. This involved restructuring through share transactions and a demerger, a zoning change, a change of plot division, a joint arrangement, and a management division agreement. The new 16-storey residential building will consist of 188 Juli Living rental apartments and additional business premises on the street level. Once completed, the building will be one of the most energy-efficient residential buildings in Finland. The financing arrangement complies with Nrep’s sustainability targets. LEED Platinum certification will be applied for the project, while the previous two LEED Platinum certificates for residential buildings have been awarded to Nrep’s Herttoniemi and Friisilä sites.

28.10.2024

Gasum – Long-term financing including an extended green loan and sustainability targets

We advised Gasum Oy in a long-term financing arrangement of a total of EUR 565 million with its current lenders. The arrangement includes term loans and revolving credit facilities. It introduced certain sustainability targets, as the margin of the sustainability-linked revolving loan facility is tied to Gasum’s own sustainability goals, which are related to volumes of renewable gas, production of sustainable biogas, and safety. In addition, a part of the term loans is utilised as a green loan to finance Gasum’s strategic investments into increased biogas production both by expanding its production at the existing plants and by constructing new large-scale plants. Nordea acted as coordinator, OP Corporate Bank as sustainability coordinator, and SEB as co-coordinator and agent of the financing arrangement.

18.6.2024

Banco Santander and BNP Paribas – EUR 875 million debt financing for SigmaRoc

We acted as the Finnish legal counsel for Banco Santander and BNP Paribas in relation to providing a debt financing package totalling 875 million euros for SigmaRoc plc. The financing comprises a senior term and revolving facility of 750 million euros and a senior bridge facility of 125 million euros. These funds will be used to partially finance the acquisition of CRH plc’s European limestone quarry businesses in Germany, Poland, Czechia, the United Kingdom and Ireland, with the total consideration for the acquisition amounting to 1 billion euros.

22.3.2024

Global Net Lease – Financing arrangement

We advised Global Net Lease, Inc. in the refinancing of its EUR 74,000,000 Senior Term Loan Facility Agreement. Global Net Lease is a real estate investment trust listed on the NYSE focused on acquiring a global portfolio of commercial properties, with an emphasis on sale-leaseback transactions involving single tenant, mission critical income producing net-leased assets across the United States, Western and Northern Europe, and Necessity Retail assets in strategic locations. The facility was used to finance properties owned by Global Net Lease. The portfolio in question is comprised of five properties, four in Vantaa and one in Mäntsälä. The Vantaa properties are all let to Finnair Oyj, the largest airline company in Finland. The Mäntsälä property is a logistics warehouse and office space let to Tokmanni Oyj, a major stock-listed discount retailer in Finland.

15.2.2024

Crédit Agricole Corporate and Investment Bank – Financing arrangement

We assisted Crédit Agricole Corporate and Investment Bank Helsinki Branch in a financing arrangement for Destia Oy, the largest infrastructure service company in Finland and part of the global Colas Group. The loan will be used towards general corporate purposes.

5.2.2024

Mérieux Equity Partners – Acquisition of Labquality

We acted as the legal and ESG advisor to Mérieux Equity Partners on the acquisition of a majority stake in Labquality through a leveraged buyout by its buyout fund, Mérieux Participations 4. Existing shareholders of Labquality, including Cor Group and the management, will reinvest a portion of their proceeds into the company in connection with the transaction. Headquartered in Helsinki, Finland, Labquality is a Nordic player specialized in EQA, CRO activities and regulatory affairs, with a strong local presence in Central and Eastern Europe. The company provides a comprehensive array of services for the healthcare, medical technology, and pharmaceutical industries. The company, employing over 120 professionals and supported by a network of more than 150 external experts and consultants across its offices in Finland, Germany, and Poland, serves a diverse clientele of over 8,000 customers, including major pharmaceutical companies in over 60 countries. Mérieux Equity Partners (MxEP) is an AMF-accredited management company dedicated to equity investments in the Healthcare and Nutrition sectors. MxEP actively supports entrepreneurs and companies with differentiated products and services, giving them privileged access to its sector expertise and international network. The transaction will enable Labquality to pursue its buy & build strategy in Europe to accelerate its CRO activities while continuing strong and recurring growth in the EQA segment. Labquality will benefit from MxEP’s sector expertise and financial resources to achieve its ambition of becoming a leading European CRO and EQA platform, with fully integrated regulatory consulting capabilities to serve major customers across Europe.

4.12.2023

Copenhagen Infrastructure Partners – EUR 500 million debt financing package for Ilmatar

We acted as the Finnish legal counsel for the lenders in securing a milestone group level debt financing package of 500 million euros for Ilmatar. The transaction was led by Copenhagen Infrastructure Partners (CIP) through its Green Credit Fund 1 with participation from Kommunal Landspensjonskasse (KLP), P Capital Partners (PCP) and accounts managed by CIP. The package comprises a day one committed tranche of 325 million euros and an uncommitted increase option of 175 million euros. The financing will support Ilmatar’s construction of renewable energy production in Finland and Sweden, with approximately 1 GW of renewable energy in operation, under construction or in ready-to-build phases. The deal represents a milestone financing for Ilmatar, strengthening its position as a leading Nordic independent power producer.

22.11.2023

Swedbank – Real estate financing arrangement for Heimstaden Bostad AB (publ)

We advised Swedbank AB (publ) in a real estate financing arrangement for Heimstaden Bostad AB (publ)’s Finnish subsidiaries. Heimstaden is a leading European residential real estate investor and manager with an evergreen perspective and a mission to acquire, develop, and manage Friendly Homes.

22.8.2023

Crédit Agricole Corporate and Investment Bank Helsinki Branch – Sustainability-linked financing for Kuusakoski

We assisted Crédit Agricole Corporate and Investment Bank Helsinki Branch in a sustainability-linked financing arrangement for Kuusakoski Oy, a Finnish pioneer of recycling solutions. The loan will be used for the group’s general corporate purposes. The loan margin is tied to two different sustainability criteria. Sustainability linked loans are a transitional tool, designed to support a borrower in its transition journey as it seeks to improve its sustainability performance.

14.8.2023

Nrep – Green financing arrangement for Noli Studios

We advised Nrep in a financing arrangement for Noli Studios co-living premises in the Herttoniemi residential area of Helsinki. Together with Noli Studios, Nrep strengthens the provision and quality of flexible living solutions. The financing arrangement complies with Nrep’s commitment to become carbon neutral by 2028. Electricity used in the premises is 100 per cent renewable and emission-free and the building will be certified LEED Gold.

7.8.2023

Excelerate Energy – Chartering an FSRU to Finland

We advised Excelerate Energy on the conclusion of a lease agreement with Gasgrid Finland Oy for the Floating Storage and Regasification Unit (FSRU) Exemplar. The Inkoo LNG terminal project will have a significant impact on securing the supply of gas to Finland and Estonia as imports of pipeline gas from Russia cease. The Exemplar is the first FSRU in Finland and the Inkoo LNG terminal project is legally unique. Moreover, the project, which is critical for Finland’s and the Baltics’ gas supply, was completed in an exceptionally short timeframe. Our experts assisted the company in a wide range of areas including contracts, energy legislation, licensing, labour law, taxation and structuring.

9.6.2023

Samla Capital – Luxury hotel project The Hotel Maria

We advise Samla Capital in the construction and development of The Hotel Maria and the related financing arrangement. The Hotel Maria is a first-class luxury hotel located in southern Helsinki that will open its doors at the end of 2023. The Samla Hotels fund (SC Hotels I Ky), managed by Samla Capital, will provide the investment required for the hotel. The investment budget is around EUR 116 million. The Hotel Maria will open as a member of Preferred Hotels & Resorts’ prestigious Legend Collection. This will be the brand’s first Legend hotel in Finland. The Hotel Maria consists of four buildings situated in a historic venue, and it aims to offer its customers an exceptional and modern luxury hotel experience.

13.1.2023

Mutares – Sale of Nordec Group

Together with CMS Munich, we advised Mutares SE & Co. KGaA in the sale of Nordec Group Oyj and its subsidiaries to a buyer consortium led by Harjavalta Oy and Tirinom Oy. Nordec Group has been a major part of Donges Group, a portfolio company fully owned by the listed private equity investment company Mutares. Nordec Group is one of the leading suppliers of steel frame structures and facade solutions for construction projects in the Nordic countries, with a strong position also in the Central and Eastern European countries. Nordec Group has subsidiaries in Finland, Sweden, Norway, Poland, Lithuania and Czech Republic. The company generated revenues of approximately EUR 225.5 million in 2021. The closing of the transaction is subject to customary regulatory approvals.

23.9.2022

Huhtamaki – Sale of Russian operations

We advised Huhtamaki in the sale of its operations in Russia to Espetina Ltd. The transaction included four manufacturing units in Russia, employing a total of 724 people. The cash and debt free sales price was EUR 151 million. As a result of the sale, Huhtamaki expects to book a gain of approximately EUR 15 million in its third quarter. Huhtamaki is a key global provider of sustainable packaging solutions for consumers around the world. Its 2021 net sales totalled EUR 3.6 billion. Huhtamaki Group is headquartered in Espoo, Finland and its parent company, Huhtamäki Oyj, is listed on Nasdaq Helsinki Ltd.

9.9.2022

Commerzbank – Vessel Construction Financing for Meyer Turku

We acted as the Finnish law legal advisor to Commerzbank AG as the security agent and one of the financiers and Commerzbank Finance & Covered Bond S.A as the facility agent in a 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 two new passenger cruise vessels.

23.8.2022

NREP – Financing of Noli Studios Co-Living Premises in Otaniemi, Espoo

We advised NREP in a financing arrangement for the construction and development of Noli Studios co-living premises in the Otaniemi residential area of Espoo, Finland. When completed, the project will strengthen the provision of flexible living solutions in an emerging urban area. The construction of the Noli Studios Otaniemi complies with NREP’s commitment to become carbon neutral by 2028 and the building will seek to achieve LEED Platinum certification. Geothermal heat will be used for heating, and both heat recovery and solar energy will be used to generate electricity. We are happy to support NREP towards sustainability.

8.7.2022

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

REDI Shopping Centre – Refinancing of REDI Shopping Centre and Parking Facilities

We advised REDI Shopping Centre and Parking Facilities as borrowers in a refinancing arrangement entered into with a banking syndicate. Opened in 2018, REDI Shopping Centre and Parking Facilities is one of the biggest shopping centres in Finland in terms of leasable floor area.

27.4.2022

Danske, OP Corporate Bank, Swedbank and Handelsbanken – Real Estate Financing Arrangement for LähiTapiola Yhteiskuntakiinteistöt Suomi Ky

We advised a financier consortium including Danske Bank A/S as coordinator, Danske Bank A/S, Finland Branch, Swedbank AB (publ), Svenska Handelsbanken AB (publ), Branch Operation in Finland, and OP Corporate Bank plc as lenders in a real estate financing arrangement for LähiTapiola Yhteiskuntakiinteistöt Suomi Ky, a real estate fund investing in health care and community properties in Finland. The facilities made available under the financing arrangement consist of EUR 172,050,000 committed term facilities and EUR 80,000,000 uncommitted accordion facilities. The purpose of the financing arrangement was to finance the costs related to the acquisition of hospital property located in Espoo, Southern Finland, as well as financing and refinancing other properties acquired or to be acquired by the fund.

6.4.2022

Versowood – Refinancing Arrangement

We advised Versowood Oy as the borrower in revolving credit facility and term loan financing arrangements entered into with OP Corporate Bank plc and Danske Bank A/S, Finland Branch for the purposes of refinancing existing debt of the borrower and general corporate purposes. Versowood Oy is a family-owned company that is Finland’s largest private producer of sawn timber and the most significant wood packaging manufacturer producing sustainable wooden building and packaging materials and energy products.

21.3.2022

Helen and the Bank of Åland’s Wind Power Fund Non-UCITS – Acquisition and Funding of Kalistanneva Wind Farm

We acted as the legal advisor of the group formed by Helen Ltd and the Bank of Åland’s Wind Power Fund Non-UCITS as it acquired Kalistanneva wind farm from the French VALOREM group. We advised the group both in the business transaction and in the negotiation of the project funding. The investment in renewable energy is a concrete step in Helen’s path towards its aim of being carbon neutral by 2030 and supports its transition to carbon neutral energy production and to diversified energy system. Helen Ltd is one of the largest energy companies in Finland. In addition to heat, cooling and electricity, it offers solutions for regional and renewable energy, smart buildings and electric transport. Ålandsbanken Funds Ltd manages the investment funds of the Bank of Åland, and the Bank of Åland’s Wind Power Fund is the first Non-UCITS fund in Finland investing in wind power. Kalistanneva wind farm is the second investment of the fund. The VALOREM group is an independent French operator in the field of green energy.

7.2.2022

Swedbank – Real estate financing arrangement

We advised Swedbank AB (publ) in a real estate financing arrangement in which a newly-established affiliate of an international institutional investor acquired a portfolio of seven real estate companies in Southern Finland. The signed financing arrangement enables a financing of approximately EUR 40 million of which part is committed loans and part is accordion financing.

2.2.2022

Erikoissijoitusrahasto LähiTapiola Sijoituskiinteistöt – Acquisition of Industrial Property in Tampere

We advised Erikoissijoitusrahasto LähiTapiola Sijoituskiinteistöt non-UCITS fund in the acquisition of industrial property from OP Life Assurance Company Ltd. The property located in Tampere is fully leased to Sanoma Manu Oy, a subsidiary of Sanoma Corporation. The property is a modern LEED-certified printing house completed in 2012, with approximately 14,700 m2 of leasable area. This industrial property will be the fund’s second largest property. The property is a good fit for the fund’s investment strategy and further diversifies both the fund’s real estate asset class distribution and its geographical distribution.

21.12.2021

SEB – Refinancing Arrangement for Evli Healthcare I Ky

We assisted SEB in a EUR 161,260,000 refinancing arrangement for Evli Healthcare I Ky. Evli Healthcare I Ky is a Finnish real estate fund investing in care properties in Finland. Skandinaviska Enskilda Banken AB (publ) acted as the agent, security agent, co-ordinating mandated lead arranger and hedge counterparty in this refinancing arrangement. The lead arrangers in the syndicate were Aktia Bank Abp, LocalTapiola Corporate Lending I LP and LocalTapiola General Mutual Insurance Company, and the lenders for the facility were Skandinaviska Enskilda Banken AB (publ), Aktia Bank Abp, LocalTapiola Corporate Lending I LP and LocalTapiola General Mutual Insurance Company. The arrangement was carried out for the purpose of refinancing the existing indebtedness related to the property companies owned by the fund.

17.12.2021

Gasum – Sale of the Risavika LNG Production Plant to North Sea Midstream Partners

We acted as the legal advisor to Gasum in the divestment of the Risavika LNG production plant in Norway to North Sea Midstream Partners (NSMP). Gasum will remain a major off-taker of the liquified natural gas (LNG) and liquified biogas (LBG) produced at Risavika plant under a long-term agreement as part of the transaction. The transaction is in line with Gasum’s growth strategy and the evolving LNG market. Gasum is a leading supplier of biogas and processer of biodegradable waste fractions in the Nordic countries. Gasum promotes the circular economy by processing waste and producing biogas and recycled nutrients in Finland and Sweden, and is the biggest distributor of liquefied natural gas (LNG) in the Nordic countries. Gasum is a fully state-owned company. NSMP is a leading independent midstream business with large-scale gas infrastructure assets serving the North Sea. NSMP provides essential services to over 35 fields owned by energy majors, utilities and independent producers, through a combined gas pipeline length of nearly 600km making NSMP’s infrastructure the largest and most diversified gas transportation and processing system in the UK.

3.11.2021

Finnfund – Co-investment with University of Helsinki into Microfinancing in Africa and Asia

We advised Finnfund in the co-investment structuring of their debt facility commitment to the Advans Group, a leading international microfinance group serving over one million clients in nine countries: Cambodia, Cameroon, Ghana, Democratic Republic of Congo, Cote d’Ivoire, Pakistan, Nigeria, Tunisia, and Myanmar. The University of Helsinki is participating in this investment with Finnfund. Through this funding, Finnfund and the University of Helsinki aim to generate funding for micro and small businesses and promote responsible business practices and gender equality within microfinancing. Finnfund is a Finnish development financier and professional impact investor. Finnfund builds a sustainable world by investing in responsible and profitable businesses in developing countries. Each year Finnfund invests EUR 200–250 million in 20–30 projects, emphasising renewable energy, sustainable forestry, sustainable agriculture and financial institutions. Today Finnfund’s investments and commitments total about EUR 957 million, half of them in Africa. The company has approximately 90 employees. The University of Helsinki is Finland’s oldest and largest university. It is one of the world’s leading multidisciplinary research universities and is regularly ranked among the top one hundred universities in the world. Its assets amount to more than two billion euros and include more than half a billion euros in financial securities. The University of Helsinki aspires to be among the top ten educational endowment investors globally. The primary goal of its investment activities is to increase its financial stability and independence. Advans’ mission is to provide client-centric financial services to small businesses and under-served populations in a sustainable and responsible manner. The Advans Group currently operates in nine countries in Africa and Asia. As at end December 2020, the group served over one million clients and employed more than 7,500 staff, with a Gross Loan Portfolio of over 1 billion euros and a total of EUR 670 million in savings deposits. Headquartered in Luxembourg with its support services in Paris, the group’s shareholders are EIB, KfW, FMO, CDC Group plc, FISEA (AFD Group), IFC and Advans Invest.

12.10.2021

OP Corporate Bank – Residential Portfolio Finance Arrangement

We advised OP Corporate Bank plc in a real estate finance arrangement in which a newly-established affiliate of Sirius Capital Partners, a Finnish real estate investment manager, acquires a portfolio of 13 residential buildings, comprising more than 700 apartments in Finland. The seller is YIT, the largest construction company in Finland. The assets are acquired pre-construction at a pre-determined price and will be completed in 2022 and 2023.

25.8.2021

Swedbank – Financing Arrangement for Lumo Kodit Oy

We assisted Swedbank AB (publ) in a EUR 100 million financing arrangement for Lumo Kodit Oy, a subsidiary of Kojamo plc offering rental housing in Finland’s largest cities with a long track record of working to promote better and more sustainable urban housing. The financing will be used for the purposes of refinancing the existing indebtedness of Lumo Kodit Oy.

7.5.2021

SEB – Real Estate Financing Arrangement

We acted as counsel for SEB in a real estate financing arrangement relating to three office properties managed by Schroder (acting on behalf of Schroder Nordic Real Estate Fund).

29.4.2021

SEB – Financing Arrangement for Asuntoyhtymä Group

We advised SEB in a financing arrangement of certain real estate portfolios of Asuntoyhtymä Group Oy. The financed housing companies are located in Finnish growth centers.

29.4.2021

OP and C&S – Investing in a Better World

At OP sustainability is everything. When establishing an entirely new kind of impact fund, the leading financial services group trusted Castrén & Snellman’s expertise. An increasing number of investors want to not just make money, but make a difference. ‘This shift in values is particularly clear in younger investors. Sustainability has changed investment activities a great deal. Investing has become more difficult, but also more interesting’, says Tuomas Virtala , CEO, Asset Management, at OP Corporate Bank. The first wave came in the form of ethical and sustainable investing, which focused on either avoiding investments in unethical industries or encouraging companies to act more sustainably. In recent years, sustainable investing has been joined by impact investing, in which global problems are tackled with private money. ‘Impact investing is not about charity but about making a positive impact as well as a competitive profit. It is the only sustainable way to arrange financing to solve global problems’, Virtala says. Demand for Impact Fund Exceeded Expectations OP, Finland’s leading financial services group is a pioneer of impact investing. Last year, OP collaborated with Finnfund to establish Finland’s first impact fund to invest in emerging markets. Finnfund is a development financier that builds a sustainable world by investing in responsible and profitable businesses in developing countries. Finnfund is owned by the Finnish State, Finnvera and the Confederation of Industries. The new impact fund, OP Finnfund Global Impact Fund I, raised 76 million euros in its first round of funding. After the second round, the fund’s size stands at 135 million euros. ‘The investor interest exceeded our expectations. It is clear that investors are keen to promote sustainable development and are excited by the growth potential of emerging markets, despite the ongoing pandemic’, Tuomas Virtala says. The fund is seeking to achieve measurable positive impacts on climate change, food security, gender equality and the availability of financing. The fund’s main industries are renewable energy, financial institutions and sustainable agriculture. ‘By investing in developing markets, we can achieve major impacts. The investments are aimed at first getting the fundamentals in place in the target markets. For example, replacing generators with more sustainable means of producing energy. Once the foundations are in place, we can move on to more demanding projects, such as constructing mobile phone networks.’ Sustainability Part of Every Employee’s Day Establishing a new impact fund is just one example of OP’s sustainability work. ‘Sustainability is an integral part of OP’s strategy and is reflected in the daily work, decisions and activities of everyone at the company’, Tuomas Virtala says. OP’s corporate responsibility programme is framed around four themes: OP aims to foster a sustainable economy, support local vitality and community spirit, improve financial literacy in Finland, and use their intellectual and information capital in a responsible way. According to Virtala, sustainability expertise was previously centralised in a separate asset management unit, but now these experts have been placed in every unit. ‘One unit is no longer enough. Sustainability work and expertise needs to be integrated into every function and throughout the entire value chain.’ In addition to their corporate responsibility programme, each unit in OP has its own responsibility principles. ‘Asset management is a pioneer in promoting sustainability within OP. We provide the company sustainability expertise relating to wealth management and foster this expertise by training our employees and sharing knowledge.’ A Good Partner Knows the Best Practices Castrén & Snellman and OP have a long history of working together. Among other projects, Castrén & Snellman assisted OP in the establishment of Finland’s first impact fund to invest in emerging markets last year. According to Tuomas Virtala, Castrén & Snellman has been a good partner in sustainability work. ‘It is vital that our partners understand the best sustainability practices. A law firm that has a clear vision of the smartest way to do something can help us learn and develop’, Virtala says. It is also important for law firms to anticipate future regulation. ‘The regulation of sustainability matters is constantly developing, and we want to be able to anticipate it as best we can so that we can make sure we are keeping up.’ Some Success Stories from OP’s and C&S’s Shared Journey 2021 OP Financial Group – Sale of Checkout Finland to Paytrail OP Corporate Bank – Financing Arrangement for OP Vuokrakoti OP Corporate Bank – Finance of Acquisition of Profit Software 2020 OP-Public Services Real Estate Fund – Acquisition of Aalloppi Healthcare Property from eQ Finnish Real Estate Caverion Corporation and Manager Banks – Issue of EUR 35 Million Hybrid Bond OP and Finnfund – Establishment of a New Global Impact Fund Danske Bank, Nordea and OP Financial Group – Sale of Automatia Pankkiautomaatit to Loomis Ilmarinen, OP and LocalTapiola – Acquisition of Stakes in REDI and Tampere Central Deck and Arena Project OP Cooperative – Sale and Leaseback of OP Headquarter Campus in Helsinki 2019 OP Corporate Bank – Financing Arrangement for Veho Lenders – Metsä Board’s Bank Financing Facility with Sustainability Targets OP Group – Successful Defence of OP Group in Major FCCA Dominance Investigation OP Corporate Bank – SRV Group’s Issue of EUR 58.4 Million Capital Notes OP Financial Group – Reorganisation of Shareholding in Access Capital Partners Pohjola Health – Sale of Occupational Health Services Business OP Life Assurance Company – Disposal of a Helsinki CBD Property Fund Managed by OP Real Estate Asset Management – Konepaja Hotel Development Project 2018 OP Corporate Bank – EUR 43 Million Financing Arrangement for Kreate OP Corporate Bank and Nordea Bank – Revolving Credit Facility Agreement for Lehto OP Corporate Bank – Financing of the Acquisition of Roima Intelligence OP Financial Group – Sale of Residential Portfolio to Kojamo Group Central Deck and Arena – Pioneering Real Estate Development Project Featuring Finland’s Largest Multi-purpose Arena in Tampere City Centre 2017 OP Toimitilakiinteistö – Acquisition of Modern Logistics Warehouse OP Rental Yield – Acquisition of BREEAM Certified Office Properties 2016 OP Corporate Bank – Financing of Intera Partners’ Acquisition of Sikke Security Oy (formerly ISS Security Oy) OP Property Management – Sale of a Large Real Estate Portfolio to M7 Real Estate Helsinki Area Cooperative Bank – Court Case Concerning Electronic Identification Services Act 2015 OP-Rental Yield – One of Finland’s Largest Real Estate Portfolio Transactions in the 21st Century OP-Pohjola & LähiTapiola – Construction and Development of REDI Shopping Centre and Parking Facilities 2014 OP-Pohjola – Tender Offer for All Shares in Pohjola Bank OP-Rental Yield – Acquisition of a Property Portfolio Comprising Over 20 Residential Properties and Over 800 Housing Units

25.3.2021

NREP – Real Estate Financing Arrangement

We advised NREP in a real estate financing arrangement in which it purchased a headquarters property located in the district of Tapiola, Espoo, from Metsäliitto Cooperative and the Farmers’ Social Insurance Institution Mela. The significant investment of about 90 million euros expands NREP’s office portfolio, and is to date NREP’s largest single standing acquisition in Finland.

25.1.2021

OP Corporate Bank – Financing Arrangement for OP Vuokrakoti

We assisted OP Corporate Bank plc as the lender in a financing arrangement for OP Vuokrakoti Ky for the refinancing and financing costs related to the acquisition and construction of a residential housing company situated in the city of Lahti. OP Vuokrakoti Ky’s portfolio will include several other residential housing companies, which will be financed under the same financing arrangement.

22.1.2021

Gasum and C&S – A Shared Course to a Cleaner Future

Over the past seven years, Gasum has transformed itself from a traditional Finnish gas distributor to a modern energy company and significant circular economy operator in the Nordic countries. Castrén & Snellman has stood by Gasum’s side throughout this journey. When General Counsel Tiia Ryhänen joined Gasum in 2013, the company was still a traditional gas distributor. ‘We closed our first liquefied natural gas (LNG) acquisition in 2014. In the seven years since, Gasum has transformed itself into a modern, international energy company and circular economy operator’, Ryhänen said. This major shift has taken place through a series of corporate transactions. Ryhänen has been involved in every one of them over the past seven years. ‘It has been exciting to be a part of creating something new and expanding the company. I have particularly enjoyed welcoming many new people onto the Gasum team.’ ‘Like an Extension of Our In-House Team’ Castrén & Snellman Attorneys has been Gasum’s partner from the very start. ‘C&S has stood by our side throughout this journey. We have a strong partnership. C&S really understands how we handle acquisitions. We always want to act in a way that respects the people on the other side of the table’, Ryhänen said. Ryhänen’s team includes three other in-house lawyers. Since last August, the team has also had one of Castrén & Snellman’s lawyers ‘on loan’, i.e. on secondment. ‘C&S is like an extension of our in-house team. We work with at least one of their lawyers nearly every week. We regularly talk about the best ways to move forward in assignments. We can trust them to always deliver on their promises.’ Towards a Carbon-Neutral Society Gasum is a Nordic gas sector and energy market expert. The company’s strategy is to expand the natural gas market. Our work has a shared purpose: cleaner energy. ‘The demand for natural gas and biogas is growing fast, because fighting climate change requires switching to cleaner solutions. We are building a bridge towards a carbon-neutral society together with our customers and partners.’ In practice, this goal means that Gasum will have to expand its network of gas filling stations, increase its production and sourcing of biogas and help its customers reduce their emissions. ‘We have also expanded our operations on the electricity market. Last September, we entered into a long-term wind power deal with ABO Wind Oy for the output of their wind park. In 2023, we will begin selling our customers renewable wind power produced in Kestilä.’ Gasum’s Journey to a Modern Circular Economy Operator with C&S 2020 Gasum acquires the entire share capital in Swedish biogas producer Skövde Biogas AB from Torran Gas Holding AB. 2019 Gasum acquires AGA’s Clean Energy business and Nauticor’s Marine Bunkering business from Linde AG. Gasum sells its subsidiary Gasum Tekniikka Oy to industrial maintenance partner Viafin Service Oyj. 2018 Gasum increases its shareholding in Skangas to 100%. Gasum acquires Enegia Group Oy’s energy market services business. 2017 Gasum increases its shareholding in Skangas to 70%. Gasum sells its heat business and natural gas retail business to Auris Kaasunjakelu Oy in the Auris gas distribution network area. Gasum acquires 100% of the shares in the Swedish biogas producer Swedish Biogas International. The acquisition makes Gasum the leading producer of biogas in the Nordic countries. 2016 Gasum acquires the Biotehdas biogas plant chain owned by Taaleritehdas Biofactory I Ky Private Equity Fund. Gasum and its subsidiary Skangas acquire the Risavika LNG production plant in Norway from Lyse Group. Gasum acquires the full shareholding of Biovakka Oy. 2015 Gasum sells the shares in its subsidiaries Gasum Paikallisjakelu Oy and Helsingin Kaupunkikaasu Oy to SL Capital Partners. 2014 Gasum acquires a majority in Skangass’s liquefied natural gas (LNG) distribution operations from Lyse Corporation. The acquisition makes Gasum the leading Nordic LNG operator.

15.1.2021

SEB – Financing Arrangement for Asuntoyhtymä Group Oy

We advised SEB in a financing arrangement for the housing investment company Asuntoyhtymä Group Oy.

29.12.2020

Liv-Alandia – Transfer of Life Insurance Portfolio

We assisted Försäkringsaktiebolaget Liv-Alandia in the transfer of its entire life insurance portfolio to Aktia Life Insurance Ltd through a portfolio transfer in accordance with the Finnish Act on Insurance Companies. The project also involved the cancellation of Liv-Alandia’s licence and its merger into its parent company, Alandia Försäkring Abp. In connection with the reorganisation of the Alandia Group, we also assisted Alandia Försäkring Abp in drafting the terms of T2 subordinated loans.

23.11.2020

NREP – Green Loan Real Estate Financing Arrangements

We have advised NREP on a number of real estate financing arrangements that have had green loan elements. A discount on the margin has been agreed on the loan when the construction projects meet certain quantitative and qualitative indicators, such as emissions from buildings and energy efficiency.

13.11.2020

NREP – Financing Arrangements in Sustainable building

We advised NREP and an institutional investor as the financier on multiple financing arrangements for the construction of residential buildings. The construction projects include the construction of rental apartments in the fastest growing and evolving residential areas in Finland. Elements of sustainable development, such as new and innovative solutions for rainwater and flood water management, were implemented in the construction projects.

4.11.2020

Helen – Implementation of Lakiakangas 3 Wind Farm

We advised Helen Ltd in a transaction whereby Helen agreed on the implementation of the Lakiakangas 3 Wind Farm as a joint undertaking with the project developer CPC Finland. The project supports Helen’s target to increase the company’s wind power production fivefold in two years. Helen’s target is carbon-neutral energy production in 2035. The wind farm consists of 20 turbines with a total power output of 86 MW. The construction work of the farm is underway, and commercial wind power production will start towards the end of 2021. Helen will purchase all of the electricity generated by the wind farm company, and it will provide the company with electricity market services. Energy generated by the new wind farm will be available to Helen’s customers in 2022. In addition to the wind farm company, the project involves an electricity transmission company, which will be responsible for transmitting the electricity generated by the wind farm to the national grid. The total investment of the project is almost EUR 100 million. Helen owns 60% and CPC Finland 40% of the joint undertakings. We had a key role in supporting Helen in forming its investment decision and in drafting and negotiating the key agreements for the transaction.

26.8.2020

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 Lehto Asunnot Oy agreed on the construction of 108 apartments and three commercial spaces in the Kalasatama district of Helsinki. The residential project comprises twelve- and five-storey buildings, which are part of a five-building block including also three other residential buildings and a shared parking facility. The site is estimated to be completed by the end of 2021.

8.5.2020

Ilmarinen, OP and LocalTapiola – Acquisition of stakes in REDI and Tampere Central Deck and Arena project

We advised Ilmarinen Mutual Pension Insurance Company and entities belonging to OP Financial Group and LocalTapiola Group in their acquisition of SRV Group Plc’s entire stake in REDI shopping centre and 3/4 of SRV’s stake in the Tampere Central Deck and Arena project.

28.2.2020

NREP – Real Estate Finance Transaction

We advised NREP and an institutional investor as the lender in a real estate finance transaction. The purpose of the financing arrangement was to finance the acquisition of a property and the construction of a residential building in the Jätkäsaari district of Helsinki. Jätkäsaari is one of the fastest developing districts in the Helsinki area, and it is estimated that Jätkäsaari will provide apartments for 21,000 people and workplaces for 6,000 people by 2030.

17.2.2020

Danske Bank, Finland Branch – Financing Arrangement

We assisted Danske Bank A/S, Finland Branch in a financing arrangement for CapMan Real Estate. The facilities were used, among other things, to refinance the acquisition of Polaris Castor and for the financing of the acquisition of Polaris Capella, both office buildings situated in Polaris Business Park, Espoo.

30.1.2020

Fortum – Divestment of the District Heating Business in Joensuu

We advised Fortum in all legal aspects of the divestment of its district heating business in Joensuu, including the related demerger and legal separation project. The business will be acquired by Savon Voima Oyj, the total consideration on a debt- and cash-free basis being approximately EUR 530 million. Fortum produced approximately 550 GWh of heat and approximately 240 GWh of power in Joensuu in 2018. The business generated an EBITDA of approximately EUR 20 million and is currently employing three Fortum employees as the operation and maintenance services are sourced from an external partner. The business transformation of the Joensuu plant to lower carbon intensity has largely been done and the detailed plans for further decarbonisation have been prepared.

30.12.2019

OP Corporate Bank – Financing Arrangement for Veho

We assisted OP Corporate Bank plc in a EUR 182,1 million and SEK 380 million syndicated financing arrangement for Veho, a leading Finnish car import and retail company with operations in Finland, Sweden and the Baltics. OP Corporate Bank plc acted as coordinator, bookrunner, agent and security agent in this financing arrangement. The mandated lead arrangers in the syndicate were OP Corporate Bank plc, Nordea Bank Abp and Danske Bank A/S and lenders for the facilities were OP Corporate Bank plc, Nordea Bank Abp and Danske Bank A/S, Finland Branch. The financing arrangement was carried out for the purpose of, among other things, refinancing Veho’s existing facilities agreement and financing the acquisition of Silberauto, the largest company in the Baltic automotive sector.

29.11.2019

NREP – Real Estate Financing Arrangement

We advised NREP in a real estate financing arrangement. The financing will be used for real estate development projects in Finnish growth centers.

30.10.2019

Danske Bank – Financing arrangement

We advised Danske Bank A/S, Finland Branch, in a financing arrangement for CapMan Real Estate. The facilities were used to refinance the acquisitions and cover the capital expenditure of certain properties owned by CapMan Nordic Real Estate II fund. The City Pearls portfolio is comprised of three properties, which are all located in central Helsinki.

26.9.2019

Special Investment Fund Trevian Finland Properties I – Refinancing of Real Estate Portfolio

We acted as counsel to Trevian Funds AIFM Ltd in the refinancing of Special investment fund Trevian Finland Properties I’s real estate portfolio, in which the fund was granted a secured loan in the amount of approximately EUR 100,000,000. The refinanced properties consist mainly of office and commercial properties in the largest cities in Finland.

4.9.2019

Global Net Lease – Financing

We advised Global Net Lease Inc. in the refinancing of its EUR 74,000,000 Senior Term Loan Facility Agreement. The facility was used to finance the properties owned by Global Net Lease Inc. The portfolio is comprised of five properties, four in Vantaa and one in Mäntsälä. The Vantaa properties are all let to Finnair Oyj, the largest airline company in Finland. The Mäntsälä property is a logistics warehouse and office space let to Tokmanni Oyj, a major stock-listed discount retailer in Finland.

13.5.2019

GLL Pan European Property Fund – Acquisition of a High-Quality Office Property in Helsinki

We advised GLL Pan European Property Fund in the acquisition of a 20,000 m 2 high-quality office property in Pasila leased to Sweco. The highly competitive acquisition anchors the Pasila area as a significant office location in the Helsinki Metropolitan Area. We advised GLL both on the acquisition as well as the acquisition financing of the transaction.

8.5.2019

Skandinaviska Enskilda Banken – Refinancing of Kauppakeskuskiinteistöt Fea Ky’s Real Estate Portfolio

We acted as counsel for Skandinaviska Enskilda Banken AB (publ) in the refinancing of Kauppakeskuskiinteistöt Fea Ky’s real estate portfolio consisting of several shopping centres and business premises located all around Finland.

25.4.2019

Mutares – Acquisition of Normek Oy

We advised Munich-based investment group Mutares AG in its subsidiary Donges Group’s acquisition of Normek Oy. Seller in the transaction was Normek Group Oy, owned by Intera Fund I Ky and private shareholders. Normek is one of the leading steel building construction and façade solutions companies in Finland and operates mainly in the Finnish and the Swedish market. Normek generated sales of around EUR 65 million in 2018 and employs around 250 people. The business activities of Normek ideally complement the existing business of Donges. The acquisition of Normek is part of the sustained repositioning of Donges as a specialist provider of steel bridges, steel building construction, roof and wall solutions in the European markets. Mutares AG shares are listed on the Frankfurt Stock Exchange. Donges Group has been part of the Mutares Group since November 2017.

12.3.2019

Kreate – Financing arrangement

We acted as the legal advisor to OP Corporate Bank plc in amendments relating to an EUR 43,000,000 financing arrangement for Kreate Oy, one of Finland’s leading infrastructure construction companies.

25.11.2018

My latest blogs

Latest references

Get to know our other experts in the field

Search from the site.