University Properties of Finland Ltd preparing to sell Palosaari campus area in Vaasa

The University Properties of Finland Ltd (SYK) is selling all Palosaari campus buildings to the University of Vaasa and the City of Vaasa for EUR 26 million. The decision is based on the fact that it would be very challenging for all parties to efficiently execute shared development measures in the current situation where ownership is fragmented.

The view of the parties involved in the property transaction is that the ownership of the Palosaari campus area properties is currently very fragmented, and the area has several actors operating in it. Premises are owned at least by the City of Vaasa, Palosaaren Yrityskeskus Oy, Palosaaren kampuskiinteistöt Oy, Kiinteistö Oy Palosaaren laboratoriot, KOy Energylab Vaasa and the University Properties of Finland Ltd. By unifying ownership in the area, it will be easier to develop the campus area and optimise the different parties’ use of space in the future.

The University of Vaasa and the City Board of Vaasa have approved the transaction and corporatisation. The transaction still requires approval from the City Council of Vaasa and the University Properties of Finland Ltd’s General Meeting. The University Properties of Finland Ltd’s Board of Directors will propose the approval of the transaction in the General Meeting on 11 April 2019.

If the University Properties of Finland Ltd’s General Meeting and the City Council of Vaasa approve the transaction, the properties will be transferred to their new owners in early May. The University of Vaasa will continue as a University Properties of Finland Ltd shareholder after the transaction.

“University Properties of Finland Ltd is owned by nine universities and the Government, and one of its most important tasks has become property and space risk management, for example. The ownership and operation of the Vaasa campus area is exceptionally fragmented among many parties, and it is our view that selling properties to local actors will strengthen the campus’ development to meet the needs of the entire Vaasa area,” says University Properties of Finland Ltd’s CEO, Mauno Sievänen.

The transaction involves three properties from Vaasa’s Palosaari campus and a 13 percent share of the campus’s real estate company. The total area of the properties is approximately 63,000 m2. They have eight buildings whose combined net floor area is approximately 30,000 m2. The assets involved in the transaction represent approximately 2.5 percent of the University Properties of Finland Ltd’s property assets.

“After the transaction, we will continue according to our strategy as a stable and competitive national campus developer with our wide network of stakeholders and partners,” states University Properties of Finland Ltd’s deputy CEO, Anssi Koski.

Additional information:

University Properties of Finland Ltd
Mauno Sievänen, Chief Executive Officer
tel. +358 (0)40 063 0733

 

University Properties of Finland Ltd
Anssi Koski, Deputy CEO and Executive Vice President (Economy and Finance)
Tel. +358 (0)40 514 1490