Finnish builder-developer YIT Corporation and its joint venture partners have finalised an agreement to build the €600 mln Mall of Tripla in Helsinki.
The shareholdings have varied since the letter of intent was signed last December, following the withdrawal of Fennia Life Insurance Company from the venture. YIT and Etera will now each take a 38.75% share, while Onvest will hold 15% and Fennia Mutual Insurance Company, 7.5%.
YIT aims to sign the contracts for construction of the project by the end of the current quarter, subject to obtaining debt financing and building permits.
Kari Kauniskangas, president and CEO of YIT, said: 'There has been a pleasing amount of interest shown towards the Mall of Tripla. Over 30% of the commercial premises have already been leased and our tenant base includes several major brands already, three and a half years before the opening of the mall.'
When complete, Mall of Tripla will be Finland's largest shopping centre in terms of retail space, with 85,000 m2 divided between 250 tenants as well as 2,300 parking spaces. The City of Helsinki has also earmarked a former railway yard to the north of Tripla as a residential development site to house 3,000 people.
