Mall of Scandinavia in Stockholm might be outperformed by numbers of tenants in a few years.
Mall of Tripla in Pasila, Helsinki, is set to have 250 tenants when opening, being a transport hub and Helsinki’s second city centre.
The retail offering in Helsinki is about to explode for the next years. Iso Omena’s extension, the REDI-project in the eastern parts, the new Kesko-mall at Itäkeskus and the biggest project, Mall of Tripla at the railway hub in Pasila and the great plans for Helsinki Airport in Vantaa are some of the larger projects that will increase competition and the international retail offering.
Approximately 20 percent of the 4 to 5-level retail space in Tripla has been leased already, and YIT states the interest towards the premises has been high in general. Mall of Tripla will become the largest shopping centre in Finland in terms of the number of retail spaces. The leasable floor area is over 85,000 square metres for a total of 250 tenants, and there will be parking space for 2,300 cars in the parking facility. The mall will open for the Christmas season 2019, simultaneously with the inauguration of the new Pasila station.
At Mall of Tripla almost 200,000 passengers will pass through every day when it’s completed in 2019. The prospect states that more than 500,000 residents can reach Mall of Tripla in 10 minutes, and over a million in 30 minutes.
Now, YIT, Etera Mutual Pension Insurance Company, Onvest Oy, Fennia Mutual Insurance Company and Fennia Life Insurance Company Ltd have signed a letter of intent on the establishment of a joint venture for the implementation of the Mall of Tripla and its parking facilities.
YIT’s share of ownership in the joint venture will be 35%, Etera’s 35% and Fennia’s and Onvest’s 15% each. The intention is to sign the final project agreements in early 2016. According to the letter of intent, around half of the construction of the shopping mall and the parking facility will be funded with capital investments by the owners, and around half with credit.
“I am very pleased with the letter of intent we have signed in a good cooperation with the Finnish investor group. Tripla is a unique project for YIT and plays a key role in our strategy execution. Tripla is significant also in whole Finland’s scale; the employment impact of the project is nearly 10,000 person-years, and the indirect impact even greater,” says Kari Kauniskangas, YIT’s President and CEO.
Pasila/Böle will become a second city centre for Helsinki and an even more important transportation hub that is expected to double its resident and job numbers by 2040. The construction starts with YIT’s Tripla, which will include office space, apartments and a hotel in addition to the shopping mall and the parking facility.
The construction project also covers the Pasila station and the adjacent public transport terminal.
The City of Helsinki has planned the former railway yard to the north of Tripla for residential blocks, which will have apartments for 3,000 residents. The City of Helsinki is also about to launch a design competition on the high-rise area to the south of Tripla.