Sponda Plc Stock Exchange Release 29 June 2016, 9:00 a.m.
Sponda to develop an office and retail complex at Tikkurila railway station
The property investment company Sponda Plc will develop an office and retail complex at Tikkurila railway station in Vantaa, Finland. The six-storey office and retail property to be built at Väritehtaankatu 8 will complement the range of services available in the developing district of Tikkurila and represent a significant addition to the local cityscape.
The project will be implemented in two phases, the first of which will begin with excavation work in July 2016. The first phase will comprise a total of 9,500 square metres of leasable space, half of which will be office space and the other half retail and service premises. The property will have indoor and outdoor parking for 210 cars. The plan for the project’s second phase involves the construction of a further 4,000 square metres of business premises. The decision on commencing the second phase will be made later based on the occupancy rate.
The investment size of the project’s first phase, to be completed in March 2018, is estimated at approximately EUR 31 million. Approximately 57 per cent of the premises have been leased to tenants, some of which include Lehto Group Plc, Fitness24Seven, Majoituspalvelu Forenom and the restauranteur Kim Heiniö. The project’s yield on cost is estimated at approximately 7.3 per cent.
New business premises in a traffic hub
The new retail complex will be located to the east of Tikkurila station, in the Jokiniemi area. Directly connected to Tikkurila railway station, the property will offer tenant businesses excellent visibility and accessibility. Its location in the immediate vicinity of one of Finland’s busiest railway stations will also generate natural customer flows for tenants.
Tikkurila is a rapidly developing growth centre and traffic hub whose public transport connections were improved further by the completion of the Ring Rail Line. The new property will support the district’s development and bring new sought-after services to further increase Tikkurila’s appeal.
Energy efficiency and environmentally friendly solutions will be emphasised in the design and construction of the office and retail complex. Sponda will apply for LEED® Gold environmental certification for the building. LEED® (Leadership in Energy and Environmental Design) is an international building certification system aimed at reducing the environmental load of properties during construction and use.
The project’s main contractor is Lehto Group Plc.
Sponda Plc
Additional information:
Veli-Pekka Tanhuanpää, Senior Vice President, Property Development, Sponda Plc, tel. +358 40 700 9646
Sponda Plc is a property investment company specialising in commercial properties in the largest cities in Finland. Sponda’s business concept is to own, lease and develop retail and office properties and shopping centres into environments that promote the business success of its clients. The fair value of Sponda’s investment properties is approximately EUR 3.7 billion and the leasable area is around 1.2 million m2.