12.08.2011

Finnish cities attract one billion euro investment into new shopping centres

New shopping centre projects are now concentrated in the city centres rather than outside the urban areas.

Investments into the construction of new shopping centres in different cities in Finland amount to as much as EUR 1 billion. According to Mia Ojanen, Lemminkäinen Talo Vice President, Property Development, foreign retail chains and investors prefer to construct shopping centres in the city centres, rather than outside the urban areas which has been the trend previously.

Two new shopping centres planned in the city centre of Oulu in northern Finland. Osuuskauppa Arina and Citycon are investing EUR 150 million in the construction of the Galleria shopping centre, while Lemminkäinen Talo is constructing the new Asema shopping centre in Oulu. Varma, a Finnish pension insurance company, is investing about EUR 200 million in the Aurora shopping centre located outside Oulu, where construction is set to start in 2016.

NCC Construction Finland is building a new shopping centre over a motorway in Hämeenlinna, southern Finland, worth EUR 100 million. According to Tero Estovirta, managing director of NCC Property Development, Finnish cities favour city centre construction which creates a mixture of services, stores and apartments. NCC is also investing about EUR 400 milllion in the construction of a new shopping centre above a railway line in Tampere.

New shopping centres are also set to open in the cities of Mikkeli and Hyvinkää. Varma and CapMan, one of the leading private equity investors in the Nordic countries and Russia, are involved in the construction of the Willa shopping centre in Hyvinkää.

Source: Kauppalehti