Finnish property investment company Sponda said it is developing a new office and shopping centre in the City-Center commercial complex in Helsinki. The company plans to invest a total of EUR 125 mln in the construction of the mixed-use development, which is being built in several phases and will extend the leasable area of the existing building from 41,000 m[sup]2[/sup] to 55,000 m[sup]2[/sup].
Finnish property investment company Sponda said it is developing a new office and shopping centre in the City-Center commercial complex in Helsinki. The company plans to invest a total of EUR 125 mln in the construction of the mixed-use development, which is being built in several phases and will extend the leasable area of the existing building from 41,000 m2 to 55,000 m2.
Construction of the office building in the inner court of the complex is underway, while new retail premises are being built on the first and second floors of the complex. The entire 4,200 m2 office section has been leased to Evli Bank, which will use it as its Finnish head office. The current construction phase, due for completion in autumn 2011, will involve costs of around EUR 30 mln. The main contractor is Skanska Talonrakennus Oy. Sponda said it expects the entire project to be completed in 2012.
Sponda focuses on commercial properties in the largest cities in Finland and Russia, and has an investment portfolio valued at around EUR 2.8 bn, with over 1.5 million m2 of leasable space.
