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CapMan acquires a site for a shopping centre in Hyvinkää


CapMan press release 16 October 2009 at 3.15 p.m.
The CapMan RE II Ky fund and Finesco Invest Oy have today signed final documents covering purchase of a site zoned for commercial and residential use in Hyvinkää, Finland from the city of Hyvinkää, together with a project agreement covering the site’s development. The site is located in Hyvinkää city centre and has building rights up to 26,750 m2. CapMan’s and Finesco’s goal is to develop a new shopping centre on the site.
The site’s building rights enable the building of a shopping centre of approx. 14,500 m2 of lettable area and approx. 80 apartments, and it will be vacated for demolition and construction works to start by first half of 2011 at the latest. The city plan covering the area in question has been officially approved. The preparation for planning permit application is nearly finished and it will be in permission process during this year. The shopping centre and residential space are part of a larger shopping centre project in the centre of Hyvinkää. Other parties in the project are YIT Rakennus Oy and Helsingin Osuuskauppa Elanto.
CapMan announced that the CapMan RE II fund and Finesco Invest had entered into a cooperation agreement to develop a shopping centre in Hyvinkää for the first time in September 2007.
“The long-term cooperation we launched with Finesco to develop the centre of Hyvinkää has progressed well. The location of the new shopping centre in the heart of a growing and developing town like Hyvinkää between two hypermarkets will offer an excellent base for a range of specialty shops and services. We also believe that the demand for town-centre housing is strong,” says Jorma Lehtonen, Fund Director of CapMan Real Estate.
“We’re excited about the location of the shopping centre project in the triangle between the Hyvinkää-sali cultural centre, the town library, and the Wanha Villatehdas business centre, and see it as contributing to the further development of the central area of Hyvinkää,” says Kari Järvenpää, Managing Director of Finesco Invest Oy.
CapMan manages three real estate funds, of which CapMan Real Estate I invests in commercial properties in the Helsinki metropolitan area, CapMan RE II in commercial properties and property development targets in Finland and CapMan Hotels RE in hotel properties in the Nordic countries.
For further information, please contact:
Jorma Lehtonen, Fund Director and Senior Partner, CapMan Real Estate, tel. +358 500 708 222
Kari Järvenpää, Managing Director, Finesco Invest Oy, tel. +358 400 490 922
CapMan is one of the leading alternative asset managers in the Nordic countries and Russia and manages private equity funds with approximately EUR 3.5 billion in total capital. CapMan has six investment areas (CapMan Buyout, CapMan Technology, CapMan Life Science, CapMan Russia, CapMan Public Market and CapMan Real Estate), and each of them has a dedicated team and funds. Altogether CapMan employs over 150 people in Helsinki, Stockholm, Copenhagen, Oslo and Moscow. CapMan was established in 1989 and its B shares are listed on the Helsinki Stock Exchange since 2001.
Finesco Invest Oy
Founded in Hyvinkää in 1994, Finesco Invest Oy is a family-owned business that specialises in property development, leasing, and management consulting.