Finnish pensions insurance company Veritas is investing €30m in a development project in Helsinki.

The former Taivallahti barracks site, in the Töölö district of the Finnish capital, will be turned into a supermarket, nursing home and property with other uses.

The rentable area created within the resulting development will total 11,000sqm. Work on the renovation of the old buildings is due to start in the next few days, Veritas said.

Peter Karlsson, real estate director at Veritas, said: “The location is excellent and it has been possible to make good use of the existing buildings for new purposes.”

Veritas said its total investment in the project is around €30m.

“With good tenants, long leases and well-known builders, we have everything we need for a good real estate development,” Karlsson said.

The old barracks buildings, which have stood empty for several years, will be renovated, to create a supermarket and a nursing home.

Finnish retail conglomerate Kesko will open a new K-Supermarket on the site in mid-2016, while social and healthcare company Mikeva will open a new care home on the site with supported housing in the autumn of that year, according to the plans.

The basement of the property will be developed into a parking garage, with Q-Park Finland managing the facility once finished.

Veritas said Helsinki Parish Union had rented office and meeting space within the properties, and the ground floor of the old barracks building would be turned into a restaurant as well as business premises.

The developer of the project is Auratum Kiinteistöt. The company has signed a contract for the redevelopment of the property with contractor Fira, Veritas said.

Property consultancy Ailecon is acting as Auratum Kiinteistöt’s partner in the development.