In abeyance Helsinki Arena Trevian bailout

Article posted by Coliseum, February 25^th, 2025

Image: Hartwall Areena, Skorpion87, Public Domain

The Trevian Kasvu LP Ky, a real estate investment company managed by Trevian, has acquired a controlling stake in the Helsinki Arena in Helsinki, Finland.

‘PR Newswire’ stated that the transaction, finalized on February 17^th, follows an agreement signed in November 2024. Trevian was advised by Tuomas Poskiparta and Krogerus Attorneys (one of the largest business law firms in Finland) with the Trevian Asset Management taking on the role of the Asset Manager for the arena.

Trevian is Finland’s leading real estate asset and investment management company managing over €1.2 billion in assets and an annual transaction volume of €200 million. They specialize in office, retail, logistics, data centers, and residential properties. With six regional offices across Finland they provide local expertise and emphasize long-term sustainable asset management focusing on strong tenant relationships. Trevian’s services include tailored, hands-free property investment and management solutions for the investors.

The Helsinki Halli is a large multifunctional indoor arena located in Helsinki, Finland. It opened in April 1997. The arena is convertible for various events. The total seated capacity during ice hockey games is 13,349 and as an amphitheater it is significantly reduced to between 3,000 and 5,000.

‘PR Newswire’ further stated that the reopening of the Helsinki Arena is expected to significantly enhance the City’s cultural vibrancy and economic growth providing a premier venue for sports, entertainment and events.

The Helsinki Arena which had remained closed for nearly three years is set to reopen as early as April. The venue has been closed since Russia invaded Ukraine in February 2022 when its Russian oligarch owners were subjected to sanctions from the European Union (EU) and the United States which meant they were boycotted by the entertainment industry and the banks and the insurance companies refused to provide essential services.

Brussels (Belgium)-based the European Union is a supranational political and economic union of 27 Member States that are located primarily in Europe. The union has a total area of 4,233,255 km² and an estimated total population of over 449 million.

Completed in 1997, the Helsinki Arena has long been Finland’s most important multipurpose venue. It has been closed since February 2022 due to sanctions on its previous owners. With the acquisition the arena is set to reopen in 2025. The deal was contingent upon a change in EU sanctions legislation and required regulatory approvals from the Ministry for Foreign Affairs and the National Enforcement Authority of Finland. An amendment to EU sanctions legislation enabling the transaction was passed in December 2024 with final approvals received in February 2025. The purchase price will remain with the Finnish authorities for the duration of the EU sanctions.

Remarked Reima Södervall, head honcho of Trevian Asset Management, “The negotiations lasted more than two years and proceeded in a spirit of cooperation. Despite the challenging circumstances all the parties shared the common goal of bringing the Helsinki Arena back into operation.”

Plans for the arena’s future include modernization and environmental, social and governance (ESG)-focused enhancements.

Environmental, social and governance (ESG) is shorthand for an investing principle that prioritizes environmental issues, social issues and corporate governance. Investing with ESG considerations are sometimes referred to as responsible investing or, in more proactive cases, impact investing.

Added Södervall, “The business environment for this transaction was challenging due to the EU sanctions legislation and the national Enforcement Code that had to be carefully considered. The broader real estate market slowdown has also stalled many transactions. A wide network of authorities was involved in the process which required expertise, problem-solving skills and perseverance. The contribution of the advisors has been particularly significant in this context.”

The arena’s closure has limited the ability to host large events in Helsinki in recent years. Its reopening will boost the City’s tourism and restaurant sectors.

Exulted Juhana Vartiainen, Mayor of the City of Helsinki, “Exciting news! With this transaction we can finally reopen the arena for the events. The three-year closure has significantly limited our ability to host sports events, concerts and corporate events in Helsinki. Reopening the arena will have a tremendous impact on the major events and the cultural life as well as on the economy and the attractiveness of Helsinki and the entire country. Additionally, it will contribute to the development of the local service sector.”

Trevian’s plans extend beyond Helsinki.

Concluded Södervall, “We are exploring other locations in Finland for the multipurpose arena projects that can benefit the local economies and cultural offerings. Developing socially significant properties in the Finnish Cities is a key area for Trevian.”

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