In Tennispalatsi, there is currently a movie theater and a museum. Image: Riku Pihlanto / Helsinki Partners
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The city of Helsinki is in the planning stages of selling Tennispalatsi, a historic landmark, to the winning bidder of a competitive tender, Niam, a real estate company. The City Environment Committee will discuss the matter during its meeting on September 12.
In 2022, the city initiated a competitive tender process to find a new owner for Tennispalatsi.
The sale involves the entire share capital of Kiinteistöosakeyhtiö Tennispalatsi, which is owned by the city. Niam emerged as the winner of the tender with a bid of 30 million euros. While the city will retain ownership of the land, the new owner will have the opportunity to purchase the land as well.
Tennispalatsi, located next to Kamppi Center, was originally built in 1937 as a car service hall for the Helsinki Olympics. Over the years, it has served various purposes, including as a department store and a tennis center. The building is protected with the sr-2 designation, meaning it cannot be demolished due to its architectural and cultural-historical significance. The total floor area of the building is approximately 18,500 square meters.
Finnkino, with Finland’s largest cinema center consisting of 14 theaters and over 2,500 seats, is Tennispalatsi’s largest tenant. The Helsinki Art Museum (HAM), Tennispalatsi’s other main occupant, is currently seeking new premises.
Niam is one of the largest property owners in the Nordic region and is involved in various property development projects, including Makasiininranta.
“We are excited about the opportunity to acquire a building that is unquestionably one of the city’s landmarks, which has evolved for various uses throughout its colorful and long history,” said Antti Muilu, Country Manager at Niam.
The sale of Tennispalatsi aligns with Helsinki’s real estate strategy, which calls for the city to divest properties it no longer needs for its own service production and lacks other strategic reasons for ownership.
Following the City Environment Committee’s deliberations, the matter will proceed to the City Board for further consideration. The final decision regarding the sale will be made by the Helsinki City Council.
HT
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Source: www.helsinkitimes.fi
