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Home BUSINESSOulu plans boom in private real investments
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Sun, 27 Nov, 2016 10:53:45 PM
FTimes Report, Nov 27

Oulu, the business hub of Northern Scandinavia, is aiming at making 300 million euro private real investments a year.

The aim has already been promoted by investing approximately 70 million euro in Kivisydän, an underground car park for 900 cars and a network of service roads for buildings.

The easy-access car park is 22 metres underground and has excellent elevator connections up to the city centre shops and stores. Underground parking enables 300 to 400 million euro investments in the city centre.

The city also plans to create new investment opportunities in the future by developing the area surrounding the railway station, the city centre marketplace on the seafront, and Nallikari Resort.

In addition, the investments in the centrally located shopping centre Valkea constructed by the Cooperative Arina in Oulu totals 120 million euros. The shopping centre, occupying two blocks and a covered street connecting them, houses approximately 60 retail outlets and 66 residential flats.

Meanwhile, last year, Ilmarinen Mutual Pension Insurance Company built in the city centre a five-storey residential and office building of approximately 12,000 square metres, while the Real Property Consortium Torikatu 18/Kauppurienkatu 7 built the Toriportti, another business centre in the vicinity. The five-storey building houses approximately 1,000 square metres of commercial premises and 3,100 square metres of office facilities.

Tens of retail outlets have been opened in Oulu over the past few years. The international sporting goods retailer XXL has opened a store on its new premises in Limingantulli neighbourhood in Oulu. The investment in the project implemented in collaboration with Sponda, a property investment company, totalled 4.7 million euros.

Moreover, in 2014, the second Ideapark shopping centre in Finland was opened in Ritaharju in Oulu covering a new extension of nearly three hectares of business facilities. The shopping centre, built with investments totalling 30 million euros, is a shopping destination for recreation, interior decoration, fashion and daily consumer products for locals and visitors alike.

Talenom OYJ, an accountancy firm operating in more than 20 locations in Finland, also built a new 8,800 square metre, five-storey office building in Peltola neighbourhood in Oulu, easily accessible from the city centre.

Another significant real estate development has been Terminal the Adventure Centre built in an old storage terminal by the Cooperative Arina. The Terminal has 17,000-square-metre floor space that houses, among other things, SuperPark, an indoor activities park, and the Areena venue suitable for various events and concerts. The value of the investment is 6 to 7 million euros.

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