Nordicum - Real Estate Annual Finland 2018 | Page 23

Senate Properties pursues ambitious
redevelopment in Helsinki – and beyond
T
he real estate sector in Finland encom-
passes both the urban and the rural, the
large scale as well as small. Owned by
the State, Senate Properties has a good han-
dle on real estate across the country, since
the company manages the government’s
property assets and their efficient use. Sen-
ate is also responsible for the sale and devel-
opment of properties no longer used by the
government.
Real Estate Development Manager
Minna Aarnio comments that real estate is
currently a “hot ticket” in the investor circles
and also international players are express-
ing interest in various properties. However,
the market continues to be rather polarised,
since prime real estate in the Helsinki Metro-
politan Area tends to be a lot more attractive
than properties located away from growth
centres and the hottest business buzz.
Presently, one of the most high-profile
projects of Senate is the remaking of Central
Pasila, the transportation hub located just
north of Helsinki downtown. The Helsinki
High Rise design-build competition sought
out companies to plan and raise ambitious
high-rise architecture in the area, and in
October 2017 it was reported that the Final
Four has been chosen in the race.
Winner Takes All
The players advancing to the final round
are Sponda Oy; YIT Rakennus Oy; collab-
oration by Fira Oy, Bonava Suomi Oy and
NREP Oy; and collaboration by Skanska
Talonrakennus Oy, Skanska CDF Oy and
Sato-Rakennuttajat Oy.
“We’re engaging in dialogue with the
finalists and they are very excited about this
The new Regiment Park in Tuusula.
project,” says Aarnio at the end of Novem-
ber.
Senate is the largest landowner in the
area, with a strong motivation to push the
project along. “We’re looking to make the
final decision by the end of 2018.”
Over all, the redevelopment of Cen-
tral Pasila will mean 30,000+ new inhabit-
ants and it will have a big solidifying impact
on the city structure. “What’s happening in
Pasila during the next years will be a dra-
matic shift for the better,” believes Aarnio.
Reinventing Otaniemi
Another key area where Senate has lots of
land and major plans is Otaniemi – the home
to innovation university Aalto. While Aalto
University Properties manage the actual
campus properties, Senate holds sway over
Central Pasila and The Helsinki High Rise design-build competition area in Helsinki.
many research and office premises in the
area. Real Estate Development Manager
Emmi Sihvonen says that the idea here is
to rationalise and diversify land use.
“The main goal is to boost residential
solutions in Otaniemi,” she says, adding that
so far, basically only Aalto students call the
neighbourhood home – but there’s room for
so much more. Along with housing, also an
upgrade in the service level is needed.
“We want to see a more mixed envi-
ronment making residential developments
and areas alive, where there are restau-
rants, shops and cafes in the area utilising
the recently opened subway connection,”
she says.
Big Plans for Tuusula
In the Greater Helsinki Region, there’s
strong development also in Tuusula. Case in
point: Senate Properties and the municipal-
ity of Tuusula are looking to take an old gar-
rison property and use it to anchor a vibrant
new neighbourhood.
“The new, central district could encom-
pass as many as 15,000 people, which makes
it one of the major urban developments in
the Greater Helsinki Region,” says Real
Estate Development Manager Otto Virenius.
Senate has plots for sale in the area to
the tune of 170,000 floor square meters for
now and more coming later. The goal here is
to create an urban, modern community with
a strong emphasis on nature.
“The new Regiment Park and the sur-
rounding areas will take more than ten years
to take shape, but, over time, the develop-
ment effort will definitely change Tuusula
in a big way.” l
Nordicum 23