The City of Helsinki is planning to sell its downtown Tennispalatsi ("Tennis Palace") cultural and recreational facility to a private real estate investor for 30 million euros.
Stockholm-based firm Niam made the offer after the city listed the property for sale by tender.
Located in the heart of the Kamppi district, Tennispalatsi is a landmark site in Helsinki, and home to a Finnkino multiplex movie theatre, the Helsinki Art Museum (HAM) and a number of restaurants and cafes. All of the facility's tenants are renters.
The agenda of the city's Urban Environment Committee shows that it plans to propose selling the entire Tennispalatsi property to Niam, which made the highest bid, for the debt-free purchase price of 30 million euros.
Niam is one of the largest real estate developers in the Nordics.
The Urban Environment Committee is scheduled to discuss the sale on Tuesday, 12 September.
Finnkino has operated its multiplex at Tennispalatsi for more than 20 years and holds a lease at the facility which is valid until 2028, after which it has the option to extend its lease for another five years.
Designed by architecture student Helge Lundström, construction of Tennispalatsi was completed in 1937 ahead of the Helsinki Summer Olympics, to serve as a car maintenance building for the 1940 games — which were cancelled due to WWII. Helsinki did not host the event until 1952.
Its arched upper level, which housed four tennis courts, was completed in 1938, and the Olympic basketball games were played there. The structure was originally intended to be temporary, with plans arising for its demolition periodically over the years.
The city tried selling the protected building for several years, but those efforts were suspended during the Covid crisis until 2022, when they resumed.
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