The City of Helsinki has confirmed that it is selling off the Tennispalatsi cultural centre building to Stockholm-based developer Niam for 30 million euros.
Niam is one of the largest real estate developers in the Nordics.
The City tried to sell the protected property for years, but those efforts were suspended during the coronavirus crisis until 2022, when they resumed.
Earlier this year when news of the deal was first reported, Niam's Finland country manager Antti Muilu said that Tennispalatsi has a number of interesting aspects.
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"It has a great location in the middle of Helsinki. It has very good tenants and history has shown that Tennispalatsi is flexible for multiple uses. We believe it is an object that will retain its value in the longer term," he said in September.
In terms of the building's tenants, it appears that the Finnkino multiplex theatre will stay put, at least until its renewable lease expires in 2035. Tennispalatsi also hosts a number of cafes and fast food restaurants.
The Helsinki Art Museum HAM also operates at Tennispalatsi but the City is seeking a more suitable venue for the contemporary art museum.
The structure, which was originally meant to be temporary when it was built in the 1930s, is now protected and cannot be demolished.
Its construction was completed in 1937 ahead of the Helsinki Summer Olympics, originally meant 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.
It was designed by architecture student Helge Lundström.
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