Nordicum - Real Estate Annual Finland 2019 | Page 32

P
Back on Track
AINOA leads the commercial comeback in Tapiola
With the launch of Western metro line in November 2017, the Garden District of Tapiola ushered
in a new age. The classic commercial center finally received the shot in the arm it had been
longing for. Since the arrival of the metro, about 30,000 passengers are using the Tapiola station
every day – and the outlook for Tapiola appears very good indeed.
O
ne of the key players in the area is
LocalTapiola which has been mak-
ing strategic investments in the area
for a long time now. “The crown jewel” in
LocalTapiola’s plans is the new shopping
center AINOA, owned by Tapiola KR III
Real Estate Fund.
Having opened its doors in October
2013, the shopping center opened its second
expansion in March 2017, and now features
30,000 square metres and 50 stores. How-
ever, the undertaking is still not finished:
“We’re on track to complete Phase
III of the project by October 2019,” says
Kim Särs, CEO of LocalTapiola Real
Estate C
­ apital Funds. With the “trilogy” all
wrapped up, the shopping center will fea-
ture 50,000 square metres and 120 stores.
“Once the third phase is completed,
you really get to experience AINOA in its
32 Nordicum
entirety, the way it was meant to be,” Särs
believes.
Monster Sales
Särs is optimistic about the “end-product”
since the customers have already found their
way to the shopping center. In 2018, AINOA
has increased its sales 40 % in contrast to
the previous year, while the industry growth
rate is much more modest at 2 %. In addi-
tion, for the first half of 2018, the number
of visitors is up 35%. It is clear to see that
as Tapiola is mounting a strong commercial
comeback, AINOA is the biggest draw for
the entire neighborhood.
“Looking at the key figures from 2017,
AINOA sales were €113,6 million and there
were five million visitors to the center. For
2019, we estimate that the sales will reach
€145 million and the number of visitors will
hit eight million,” says Särs, adding that
even that won’t give you the whole picture
of AINOA’s potential.
“Actually, it is the year 2020 when
we’re finally firing on all cylinders.”
Hit the Sweet Spot
Vesa Immonen, Managing Director of
LocalTapiola Real Estate Asset Manage-
ment, says that AINOA’s strong perfor-
mance is no wonder given the fact that it is
located in the national “sweet spot” where
the purchasing power of the citizens is bet-
ter than anywhere else in Finland.
“Local customers insist on great ser-
vice, and AINOA has responded to this by
constantly raising the bar.” For example,
AINOA has launched – together with Stock-