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19 September 2023, Finland | Corporate Finance | News

Catella acted as an advisor in the sales process of Tennispalatsi

The City of Helsinki is planning to sell Tennispalatsi located in Helsinki city centre to Niam. Catella acted as financial advisor to the City of Helsinki in the sales process.

A tender process was initiated in 2022 to find a new owner for Tennispalatsi. The target of the sale is the entire share capital of the city-owned Kiinteistöosakeyhtiö Tennispalatsi. Niam was selected with a bid of 30 million euros. The ownership of the plot remains with the city, but the new owner has an option to buy the plot.

Tennispalatsi, located next to the Kamppi centre, was built in 1937 as a car maintenance hall for the Helsinki Olympics, and with the expansion, it has functioned as a department store and a tennis centre, among other things. The building is protected with an sr-2 designation, meaning that it cannot be demolished since it’s valuable in terms of cityscape and cultural history. The lettable area of the building is approximately 16,000 square meters.

Tennispalatsi's largest tenant is Finnkino, which has Finland's largest cinema in the property with 14 theatres and more than 2,500 customer seats.

The sale is conditional to decision making by the Urban Environment Committee, after which the matter will proceed to the City Board. The final decision on the sale is made by the Helsinki City Council.


For more information, contact:

Markus Juvala
Tel. +358 50 3737 540

Jon Nyström
Tel. +358 40 5890 253

Antti Louko
Managing Director
Tel. +358 50 5277 392