02/06/2013

Krogerus advising Citycon and NCC Property Development on their joint venture to extend the Iso Omena Shopping Centre

Krogerus is advising Citycon and NCC Property Development on their joint venture to extend the Iso Omena Shopping Centre. Iso Omena, located in the city of Espoo, is one of the largest shopping centres in Finland.

On 31 May 2013, the parties purchased the land and building rights for retail premises and apartments adjacent to the future Matinkylä metro station. At the same time, the companies agreed to jointly start the first phase of the Iso Omena extension and redevelopment project. The project covers a 30,000 square metre extension connected to the future metro station.

Citycon and NCC Property Development have made a EUR 120 million investment decision concerning the first phase of the extension based on a 50-50 partnership. The estimated cost for the three-phase project totals approximately EUR 175 million. The shopping centre extension will be completed in the late summer of 2016.

The Krogerus team is led by partner Marcus Möller. He is assisted primarily by senior associate Teppo Vuorela and associate Paul Raade.

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