Finland

The portfolio of Wereldhave Finland consists of the 85,000 m2 Itis shopping centre in Helsinki. To strengthen the market position of Itäkeskus the centre is being refurbished and floor space will be added internally. The redevelopment will be completed in 2014.

The Finnish economy grew 3.0% in 2011. Growth was low in the first half of the year but picked up speed in the third quarter. There are signs that growth will fall back to 1.4% in 2012, which is still relatively good compared to other European economies. Unemployment will reach 8.0% in 2012 and gradually decline afterwards due to demographic changes.

Retail sales were up, which had a positive effect on the retail property market. Many retailers are expanding at the moment. With low retail construction activity this resulted in very low retail vacancy rates. This has translated in upward pressure on rents. Prime shopping centre yields are estimated to be around 5.5%.

Wereldhave Finland Oy
Kauppakeskus Itäkeskus Oy
Turunlinnantie 8, 4th floor (P.O. Box 36)
FIN- 00930 Helsinki
Finland
T:   +358 9 3436 480
F:   +358 9 3239 779

Leasing information

A. Simonen (Leasing Manager)