City of Helsinki may sell major properties in the city centre

Many landmark buildings may become available to private investors over the next five years as Helsinki plans to raise funds for other investments.

The City of Helsinki is considering selling some the best-known buildings in the city centre, according to a report by Helsingin Sanomat newspaper. So far the city’s Real Estate Department, which manages and develops real estate owned by the City of Helsinki, has drawn up a preliminary, unconfirmed, list of properties that could be considered for sale.

According to information acquired by Helsingin Sanomat, the list includes Tennispalatsi, which houses the city’s largest multiplex cinema and several museums, as well as Lasipalatsi , a landmark building in the heart of the city centre. The list is also said to include villas, manor houses, several office buildings and well-known restaurant properties.

The City of Helsinki has calculated that by it would raise EUR 220 million by selling about 3.5% of the floor space under its ownership over the next five years. The money would be spent on other investments planned by the city. However, the City of Helsinki has so far declined to give official information about the properties it may be interested in selling off.

Source: Helsingin Sanomat