Featured image credit: Trevian
Trevian Kasvu, a Finnish real estate investment company managed by Trevian, has completed its acquisition of the Helsinki Halli arena, which has been closed since March 2022.
The transaction was finalised yesterday (Monday), after an initial agreement was signed in November 2024. The multi-purpose arena, which is used for various sporting events and concerts, is now set to reopen in the coming months.
Helsinki Halli has been closed for almost three years due to sanctions imposed on the previous owners of the arena. The venue was owned by Arena Events Oy, a company belonging to Russians Gennady Timchenko and Roman Rotenberg, who were placed on the international sanctions list following Russia’s invasion of Ukraine in 2022.
Helsinki Halli was stripped of hosting rights for the 2022 Ice Hockey World Championship, with the decision reportedly linked to its Russian connections.
The deal with Trevian was contingent upon a change in European Union sanctions legislation and required regulatory approvals from the Ministry of Foreign Affairs and the National Enforcement Authority of Finland.
An amendment to the legislation was passed in December, with final approvals received earlier this month. Trevian said the purchase price will remain with Finnish authorities for the duration of the EU sanctions.
Reima Södervall, chief executive of Trevian Asset Management, said: “The negotiations lasted more than two years and proceeded in a spirit of cooperation. Despite the challenging circumstances, all parties shared the common goal of bringing Helsinki Arena back into operation.”
Södervall added: “The business environment for this transaction was challenging due to the EU sanctions legislation and the national Enforcement Code that had to be carefully considered. The broader real estate market slowdown has also stalled many transactions.
“A wide network of authorities was involved in the process, which required expertise, problem-solving skills, and perseverance. The contribution of advisors has been particularly significant in this context.”
Trevian has plans to modernise the arena and enhance its environmental, social and governance operations. The arena’s closure has limited Helsinki’s ability to host large events and it is hoped the reopening will boost the city’s tourism and restaurant sectors.
Juhana Vartiainen, Mayor of Helsinki, said: “With this transaction, we can finally reopen the arena for events. The three-year closure has significantly limited our ability to host sports events, concerts, and corporate events in Helsinki.
“Reopening the arena will have a tremendous impact on major events and cultural life, as well as on the economy and attractiveness of Helsinki and the entire country. Additionally, it will contribute to the development of the local service sector.”
Plans are in the works for a new multi-purpose arena in Helsinki. Last month, construction company SRV was selected to develop the wide-ranging Garden Helsinki complex, which will be anchored by an arena with a capacity of around 19,000.
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