Sponda to build 22,000-m[sup]2[/sup] facility for Metso in Finland

Finnish property investor Sponda said it has signed an agreement with the international technology supplier Metso Automation for the development of a production facility near the Finnish city of Vantaa. The new building, with a floor area of some 22,000 m2, will be built next to the Honkatalo logistics centre owned by Sponda and will be leased in its entirety to Metso Automation with a 15-year lease.

Sponda will invest an estimated EUR 40 mln in the development of the property, which will be financed through the sale of property, the company said. Construction work on the new building is expected to begin in January 2010, with the project due for completion by the end of that year.

Sponda is also leasing to Metso some 12,000 m² of office and warehouse premises in the Honkatalo office building next to the new building. Almost the entire office property will be occupied by Metso, which is relocating from Helsinki's Roihupelto district.

Juhani Paajanen, mayor of the City of Vantaa, added that Metso's move to Hakkila reinforces the importance of the area as a logistics, industrial and retail hub. Sponda owns altogether some 67,500 m² of logistics premises in Vantaa's Hakkila business centre.