23.12.2013

International consortium plans outlet centre and hotel in Finland

Developers plan over EUR 100 million investment in the city of Kotka in south-eastern Finland.

A major outlet centre and new hotel are planned in the city of Kotka by a consortium of international investors consisting of Gerald Parkes (Pacific Real Estate Capital Partners), Cameron Sawyer (chairman of the board at GVA Sawyer) and Byrne Murphy (one of the founders of the leading outlet operator BAA-McArthurGlen). According to the Finnish newspaper Kymen Sanomat, the project would be developed in two stages, with the initial investment being more than EUR 100 million.

The planned outlet centre has a surface area of 45,000 square metres and the hotel over 100 rooms. The City of Kotka is producing a new city plan for the Kantasatama district of Kotka early next year. When the planning process is completed, construction work could begin in 2015 and full operations in 2016.

The outlet centre and hotel project would be developed in cooperation with the Finnish construction company SRV. The consortium is also planning to open a cruise ship route between Kotka and St. Petersburg. Kotka hosts an annual maritime festival in the summer that attracts more than 200,000 visitors.

Source: Kymen Sanomat