Finland's YIT Corporation has secured a financing package of around €300 mln for its Mall of Tripla project in Helsinki.
The financing contracts secure the mall's status as a joint venture, with YIT and Etera each holding a 38.75% share. Onvest and Fennia are the minor shareholders with stakes of 15% and 7.5% respectively.
A consortium consisting of the European Investment Bank (EIB), the Nordic Investment Bank (NIB), Danske Bank and Handelsbanken have granted the project 10-year project credits to finance half of the construction of the €600 mln retail centre.
'We are glad to contribute to "the second centre of Helsinki" as the Tripla project has been dubbed,' said says Jan Vapaavuori, EIB vice-president responsible for
operations in Finland.
'This project is significant for Finland’s economy, and the fact that major European financing institutions such as EIB and NIB are participating in it is an indication of Tripla’s international appeal. Danske Bank and Handelsbanken played a major role in securing the solution, and we appreciate the collaboration spirit and flexibility of our financiers,' said
Kari Kauniskangas, president and CEO of YIT.
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.
