Finland's YIT inks €141m purchase of shopping mall site

Finnish construction and real estate firm YIT has completed the purchase of a development site in Helsinki for €141 mln.

The land around the Pasila railway station is due to be developed as a shopping mall, under an agreement signed with the City of Helsinki, Senate Properties and The Finnish Transport Agency.

YIT also bought the old Pasila station from Senate Properties for €13 mln in a debt-free purchase. A new station is being built as part of a plan to turn Pasila into a second city centre and transport hub for the Finnish capital.

The majority of plots around the station have been acquired for the Pasila Tripla project company, which was set up to develop the mall. YIT has a 35% share of ownership in the project company.

Construction on the Tripla project began in the summer of 2014 with the construction of a new bridge. As well as a shopping mall the development will include offices, apartments, a hotel and car park.

Kari Kauniskangas, president and CEO of YIT, said: ‘I am especially pleased with the very good co-operation with the City of Helsinki and Senate Properties, which has been key in ensuring the seamless progress in the project.’